false --12-31 FY 2019 2019-12-31 20-F 0001190723 1180536830 Yes false Large Accelerated Filer Yes Tenaris SA false No true false false Yes Ordinary Shares, par value $1.00 per share ts 10400000 405000 32869000 81192000 114466000 505000 8000000 8505000 1788000 10761000 59468000 115908000 1733000 1630000 178739000 0.01 0.07 0.02 0.07 0.03 0.04 0.04 0.05 0 0.03 0 0.03 0 0.03 0 0.03 -1300000 200000 -400000 -400000 -5700000 3700000 12400000 8400000 -10507000 3967000 19904000 14397000 35487000 772000 36259000 31632000 273000 31905000 16000 1178000 1107000 299412000 12202000 313915000 723000 681000 1245000 294163000 20756000 317568000 311459000 -176443000 -804415000 16844000 5976000 17039000 428326000 -517579000 -259375000 539521000 664357000 608640000 -193417000 58494000 -193989000 -18295000 -22984000 4226000 -180857000 -57066000 193905000 -89694000 2739000 -8396000 -17245000 82036000 193994000 116140000 66535000 6784000 209796000 48782000 4892000 217717000 78385000 6255000 216068000 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10389000 20936000 664357000 354091000 126273000 93900000 12094000 22282000 608640000 11409000 415826000 20080000 447315000 11153000 417229000 21083000 449465000 8514000 31869000 3908000 44291000 19929000 19929000 19929000 9173000 9173000 9173000 19000000 5604000 929000 3621000 19929000 9225000 1814000 1814000 1814000 11978000 11978000 11978000 11667000 1814000 311000 1814000 11978000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">T&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per share</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Earnings per share are calculated by dividing the income attributable to owners of the parent by the daily weighted average number of common shares outstanding during the year.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> dilutive potential ordinary shares.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">O&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Short-term obligations</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Liabilities for wages and salaries are recognized in respect of employees&#x2019; services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Post employment benefits</td> </tr> </table> <div style=" margin: 0pt 0 0pt 22.5pt; font-size: 10pt; font-style: italic; text-align: justify; text-indent: -22.5pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on <div style="display: inline; font-style: italic; font: inherit;">one</div> or more factors such as age, years of service and compensation.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in <div style="display: inline; font-style: italic;">Other comprehensive income</div> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For defined benefit plans, net interest income/expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years of service and final average salary. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for this plan amounts to <div style="display: inline; font-style: italic; font: inherit;">$45.3</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Employees&#x2019; service rescission indemnity: the cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability accrued for employees at Tenaris&#x2019;s Italian subsidiary. As from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2007 </div>as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, Tenaris&#x2019;s Italian subsidiary pays every year the required contribution to the funds with <div style="display: inline; font-style: italic; font: inherit;">no</div> further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only limited to the contributions of <div style="display: inline; font-style: italic; font: inherit;">2007</div> onwards. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for this plan amounts to <div style="display: inline; font-style: italic; font: inherit;">$17.3</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of investments in equities and money market funds. Both plans were replaced for defined contribution plans. Effective <div style="display: inline; font-style: italic; font: inherit;"> June 2016 </div>the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for this plan amounts to <div style="display: inline; font-style: italic; font: inherit;">$9.8</div> million.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Funded retirement benefit plan held in the US for the benefit of some employees hired prior a certain date, frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an unfunded postretirement health and life plan is present that offers limited medical and life insurance benefits to the retirees, hired before a certain date. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for these plans amounts to <div style="display: inline; font-style: italic; font: inherit;">$13.4</div> million.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 123 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Other long term benefits</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2007,</div> Tenaris launched an employee retention and long term incentive program (the &#x201c;Program&#x201d;) applicable to certain senior officers and employees of the Company, who will be granted a number of Units throughout the duration of the Program. The value of each of these Units is based on Tenaris&#x2019;s shareholders&#x2019; equity (excluding non-controlling interest). Also, the beneficiaries of the Program are entitled to receive cash amounts based on (i) the amount of dividend payments made by Tenaris to its shareholders, and (ii) the number of Units held by each beneficiary to the Program. Until <div style="display: inline; font-style: italic; font: inherit;">2017</div> units were vested ratably over a period of <div style="display: inline; font-style: italic; font: inherit;">four</div> years and were mandatorily redeemed by the Company <div style="display: inline; font-style: italic; font: inherit;">ten</div> years after grant date, with the option of an early redemption at <div style="display: inline; font-style: italic; font: inherit;">seven</div> years after the grant date. Since <div style="display: inline; font-style: italic; font: inherit;">2018</div> units are vested ratably over the same period and are mandatorily redeemed by the Company <div style="display: inline; font-style: italic; font: inherit;">seven</div> years after grant date. The payment of the benefit is tied to the book value of the shares, and <div style="display: inline; font-style: italic; font: inherit;">not</div> to their market value. Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS <div style="display: inline; font-style: italic; font: inherit;">19,</div> &#x201c;Employee Benefits&#x201d;.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> the outstanding liability corresponding to the Program amounts to <div style="display: inline; font-style: italic; font: inherit;">$99.0</div> million and <div style="display: inline; font-style: italic; font: inherit;">$91.2</div> million, respectively. The total value of the units granted (vested and unvested) to date under the program, considering the number of units and the book value per share as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> is <div style="display: inline; font-style: italic; font: inherit;">$119.9</div> million and <div style="display: inline; font-style: italic; font: inherit;">$106</div> million, respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">4</div>)</td> <td style="width: 5pt"></td> <td style="text-align: left">Termination benefits</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits at the earlier of the following dates: (a) when it can <div style="display: inline; font-style: italic; font: inherit;">no</div> longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <div style="display: inline; font-style: italic; font: inherit;">37</div> and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">5</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Other compensation obligations</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations obligations are accrued as earned.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 66.55pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">S&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales and other selling expenses</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis of accounting.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in <div style="display: inline; font-style: italic;">Selling, general and administrative expenses </div>in the Consolidated Income Statement.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">U&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company classifies its financial instruments according to the following measurement categories:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 14.2pt"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 14.2pt"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">those to be measured at amortised cost</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The classification depends on the Company&#x2019;s business model for managing the financial assets and contractual terms of the cash flows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset <div style="display: inline; font-style: italic; font: inherit;">not</div> at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Subsequent measurement of debt instruments depends on the Company&#x2019;s business model for managing the asset and the cash flow characteristics of the asset. There are <div style="display: inline; font-style: italic; font: inherit;">three</div> measurement categories into which the Company classifies its debt instruments:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#x2019; cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Fair value through profit and loss (&#x201c;FVPL&#x201d;): Assets that do <div style="display: inline; font-style: italic; font: inherit;">not</div> meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For equity instruments, these are subsequently measured at fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Functional and presentation currency</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div><div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">IAS <div style="display: inline; font-style: italic; font: inherit;">21</div> (revised), &#x201c;The effects of changes in foreign exchange rates&#x201d; defines the functional currency as the currency of the primary economic environment in which an entity operates.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris&#x2019;s global operations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Except for the Brazilian and Italian subsidiaries whose functional currencies are their local currencies, Tenaris determined that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price <div style="display: inline; font-style: italic; font: inherit;"> may </div>consider exposure to fluctuation in the exchange rate versus the U.S. dollar;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Prices of their critical raw materials and inputs are priced and settled in U.S. dollars;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference currency;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Significant level of integration of the local operations within Tenaris&#x2019;s international global distribution network;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Net financial assets and liabilities are mainly received and maintained in U.S. dollars;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Transactions in currencies other than the functional currency</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in <div style="display: inline; font-style: italic;">Other financial results</div> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Translation of financial information in currencies other than the functional currency</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Results of operations for subsidiaries whose functional currencies are <div style="display: inline; font-style: italic; font: inherit;">not</div> the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the year-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in income as a gain or loss from the sale.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of non-financial assets</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (cash generating units, or CGU). Most of the Company&#x2019;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiary represents the lowest level of asset aggregation that generates largely independent cash inflows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In assessing whether there is any indication that a CGU <div style="display: inline; font-style: italic; font: inherit;"> may </div>be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris&#x2019;s cash flow projections and the business condition in terms of competitive and economic factors, such as the cost of raw materials, oil and gas prices, capital expenditure programs for Tenaris&#x2019;s customers and the evolution of the rig count.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">An impairment loss is recognized for the amount by which the asset&#x2019;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#x2019;s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(a)</td> <td style="width: 5pt"></td> <td style="text-align: justify">first, to reduce the carrying amount of any goodwill allocated to the CGU; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(b)</td> <td style="width: 5pt"></td> <td style="text-align: justify">then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering <div style="display: inline; font-style: italic; font: inherit;">not</div> to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or zero.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris regularly conducts assessments of the carrying values of its assets. The value-in-use was used to determine the recoverable value. Value-in-use is calculated by discounting the estimated cash flows over a <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period based on forecasts approved by management. For the subsequent years beyond the <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period, a terminal value is calculated based on perpetuity.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&#x2019;s main source of revenue is the sale of products and services to the oil and gas industry and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For purposes of assessing key assumptions, Tenaris uses external sources of information and management judgment based on past experience.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive and economic factors applied to determine Tenaris&#x2019;s cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management has determined the value of each of the key assumptions as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Discount rate: based on the applicable weighted average cost of capital (WACC), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets are allocated, a specific WACC was determined taking into account the industry, country and size of the business. In <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the main discount rates used were in a range between <div style="display: inline; font-style: italic; font: inherit;">8.2%</div> and <div style="display: inline; font-style: italic; font: inherit;">15.9%.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Growth rate: considers the long-term average growth rate for the oil and gas industry, the inflation impact on prices and costs, the higher demand to offset depletion of existing fields and the Company&#x2019;s expected market penetration. In <div style="display: inline; font-style: italic; font: inherit;">2019,</div> a nominal growth rate of <div style="display: inline; font-style: italic; font: inherit;">2%</div> was considered.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Oil and gas prices: based on industry analysts&#x2019; reports and&nbsp;management&#x2019;s expectations of market development respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Rig count: based on information published by Baker Hughes and management&#x2019;s expectations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Raw material costs: based on industry analysts&#x2019; reports and management&#x2019;s expectations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The main factors that could result in additional impairment charges in future periods would be an increase in the discount rate or a decrease in growth rate used in the Company&#x2019;s cash flow projections, a deterioration of the business, competitive and economic factors, such as a decrease in oil and gas prices, and the evolution of the rig count.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For the CGU with significant amount of goodwill assigned in comparison to the total amount of goodwill, Tenaris has determined that the CGU for which a reasonable possible change in the key assumption would cause the CGUs&#x2019; carrying amount to exceed its recoverable amount was OCTG USA.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In OCTG USA, the recoverable amount calculated based on value in use exceeded carrying value by <div style="display: inline; font-style: italic; font: inherit;">$108</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The following changes in key assumptions, at CGU OCTG &#x2013; USA, assuming unchanged values for the other assumptions, would cause the recoverable amount to be equal to the respective carrying value as of the impairment tests:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 76%; border: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Increase in the discount rate</div></td> <td style="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">95 Bps</div></div></td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Decrease of the growth rate</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">-1.6 %</div></div></td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Decrease of the cash flow projections</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">-15.3 %</div></div></td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">No</div> impairment charge was recorded in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Goodwill</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">Goodwill represents the excess of the acquisition cost over the fair value of Tenaris&#x2019;s share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are <div style="display: inline; font-style: italic; font: inherit;">not</div> reversed. Goodwill is included in the Consolidated Statement of Financial Position under </div>Intangible assets, net.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">For the purpose of impairment testing, goodwill is allocated to a CGU or group of CGUs that are expected to benefit from the business combination which generated the goodwill being tested. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information systems projects</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding <div style="display: inline; font-style: italic; font: inherit;">one</div> year and comply with the recognition criteria of IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> &#x201c;Intangible Assets&#x201d;.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 117 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, generally <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding a period of <div style="display: inline; font-style: italic; font: inherit;">3</div> years. Amortization charges are mainly classified as <div style="display: inline; font-style: italic;">Selling, general and administrative expenses</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> materially affect amortization expenses for <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Licenses, patents, trademarks and proprietary technology</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their estimated useful lives, and does <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed a period of <div style="display: inline; font-style: italic; font: inherit;">10</div> years. Amortization charges are mainly classified as <div style="display: inline; font-style: italic;">Selling, general and administrative expenses</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to <div style="display: inline; font-style: italic; font: inherit;">$86.7</div> million at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> and are included in Hydril CGU. Main factors considered in the determination of the indefinite useful lives include the years that they have been in service and their recognition among customers in the industry.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> materially affect amortization expenses for <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">4</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Research and development</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Research expenditures as well as development costs that do <div style="display: inline; font-style: italic; font: inherit;">not</div> fulfill the criteria for capitalization are recorded as <div style="display: inline; font-style: italic;">Cost of sales</div> in the Consolidated Income Statement as incurred. Research and development expenditures included in <div style="display: inline; font-style: italic;">Cost of sales</div> for the years <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> totaled <div style="display: inline; font-style: italic; font: inherit;">$61.1</div> million, <div style="display: inline; font-style: italic; font: inherit;">$63.4</div> million and <div style="display: inline; font-style: italic; font: inherit;">$63.7</div> million, respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Capitalized costs were <div style="display: inline; font-style: italic; font: inherit;">not</div> material for the years <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: -0.5in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">5</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Customer relationships</div></td> </tr> </table> <div style=" margin: 0pt 0.9pt 0pt 13.85pt; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">In accordance with IFRS <div style="display: inline; font-style: italic; font: inherit;">3,</div> "Business Combinations" and IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick and Hydril groups, as well as the more recent acquisition of SSP.</div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful life of approximately <div style="display: inline; font-style: italic; font: inherit;">14</div> years for Maverick, <div style="display: inline; font-style: italic; font: inherit;">10</div> years for Hydril and <div style="display: inline; font-style: italic; font: inherit;">9</div> years for SSP.</div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In <div style="display: inline; font-style: italic; font: inherit;">2018</div> the Company reviewed the useful life of Maverick&#x2019;s Tubes customer relationships and decided to reduce the remaining useful life from <div style="display: inline; font-style: italic; font: inherit;">2</div> years to zero, consequently a higher amortization charge of approximately <div style="display: inline; font-style: italic; font: inherit;">$109</div> million was recorded in the Consolidated Income Statement under <div style="display: inline; font-style: italic;">Selling, general and administrative expenses</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the net book value of SSP&#x2019;s customer relationship amounts to <div style="display: inline; font-style: italic; font: inherit;">$72.9</div> million, with a residual useful life of <div style="display: inline; font-style: italic; font: inherit;">8</div> years. Maverick&#x2019;s coiled tubing customer relationships amounts to <div style="display: inline; font-style: italic; font: inherit;">$9.9</div> million with a residual useful life of <div style="display: inline; font-style: italic; font: inherit;">1</div> year, while Hydril&#x2019;s customer relationships is fully amortized.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group accounting</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Subsidiaries and transactions with non-controlling interests</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer consolidated from the date control ceases.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#x2019;s proportionate share of the acquiree&#x2019;s net assets. The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 112 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#x2019;s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Transactions with non-controlling interests that do <div style="display: inline; font-style: italic; font: inherit;">not</div> result in a loss of control are accounted as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This <div style="display: inline; font-style: italic; font: inherit;"> may </div>mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the Consolidated Income Statement under <div style="display: inline; font-style: italic;">Other financial results</div>.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Non-consolidated companies</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-consolidated companies are all entities in which Tenaris has significant influence but <div style="display: inline; font-style: italic; font: inherit;">not</div> control, generally accompanying a shareholding of between <div style="display: inline; font-style: italic; font: inherit;">20%</div> and <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the voting rights. Investments in non-consolidated companies (associated and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost. The Company&#x2019;s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#x2019;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#x2019;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&#x2019;s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies have been adjusted where necessary to ensure consistency with IFRS.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">The Company&#x2019;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </div>Equity in earnings (losses) of non-consolidated companies<div style="display: inline; font-style: normal">. The Company&#x2019;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 113 --> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">Ternium</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris holds <div style="display: inline; font-style: italic; font: inherit;">11.46%</div> of Ternium S.A (&#x201c;Ternium&#x201d;)&#x2019;s common stock. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS <div style="display: inline; font-style: italic; font: inherit;">28,</div> &#x201c;Investments in associates companies and Joint Ventures&#x201d;) over Ternium, and as a result the Company&#x2019;s investment in Ternium has been accounted for under the equity method:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Both the Company and Ternium are under the indirect common control of San Faustin S.A.;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Four out of <div style="display: inline; font-style: italic; font: inherit;">eight</div> members of Ternium&#x2019;s Board of Directors (including Ternium&#x2019;s Chairman) are also members of the Company&#x2019;s Board of Directors;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Under the shareholders&#x2019; agreement by and between the Company and Techint Holdings S.&agrave; r.l, a wholly owned subsidiary of San Faustin S.A. and Ternium&#x2019;s main shareholder, dated <div style="display: inline; font-style: italic; font: inherit;"> January 9, 2006, </div>Techint Holdings S.&agrave;.r.l, is required to take actions within its power to cause (a) <div style="display: inline; font-style: italic; font: inherit;">one</div> of the members of Ternium&#x2019;s Board of Directors to be nominated by the Company and (b) any director nominated by the Company to be only removed from Ternium&#x2019;s Board of Directors pursuant to previous written instructions of the Company.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Usiminas</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris holds through its Brazilian subsidiary Confab Industrial S.A. (&#x201c;Confab&#x201d;), <div style="display: inline; font-style: italic; font: inherit;">5.2%</div> of the shares with voting rights and <div style="display: inline; font-style: italic; font: inherit;">3.07%</div> of Usinas Sider&uacute;rgicas de Minas Gerais S.A. (&#x201c;Usiminas&#x201d;) total share capital.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The acquisition of Usiminas shares was part of a larger transaction performed <div style="display: inline; color: black">on <div style="display: inline; font-style: italic; font: inherit;"> January 16, 2012,</div></div> pursuant to which Ternium, certain of its subsidiaries and Confab joined Usiminas&#x2019; existing control group through the acquisition of ordinary shares representing <div style="display: inline; font-style: italic; font: inherit;">27.7%</div> of Usiminas&#x2019; total voting capital and <div style="display: inline; font-style: italic; font: inherit;">13.8%</div> of Usiminas&#x2019; total share capital. <div style="display: inline; color: black">A shareholders&#x2019; agreement governed the rights and obligations of the several control group members.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> April </div>and <div style="display: inline; font-style: italic; font: inherit;"> May 2016 </div>Tenaris&#x2019;s subsidiary Confab subscribed, in the aggregate, to <div style="display: inline; font-style: italic; font: inherit;">1.3</div> million preferred shares (<div style="display: inline; font-style: italic; font: inherit;">BRL1.28</div> per share) for a total amount of <div style="display: inline; font-style: italic; font: inherit;">BRL1.6</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million) and <div style="display: inline; font-style: italic; font: inherit;">11.5</div> million ordinary shares (<div style="display: inline; font-style: italic; font: inherit;">BRL5.00</div> per share) for a total amount of <div style="display: inline; font-style: italic; font: inherit;">BRL57.5</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$16.6</div> million). The preferred and ordinary shares were issued on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2016 </div>and <div style="display: inline; font-style: italic; font: inherit;"> July 19, 2016, </div>respectively. Consequently as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>Tenaris owns <div style="display: inline; font-style: italic; font: inherit;">36.5</div> million ordinary shares and <div style="display: inline; font-style: italic; font: inherit;">1.3</div> million preferred shares of Usiminas.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;">2014,</div> a conflict arose between the T/T Group (comprising Confab and Ternium&#x2019;s subsidiaries Ternium Investments, Ternium Argentina and Prosid Investments) and Nippon Steel &amp; Sumitomo Metal Corporation (&#x201c;NSSMC&#x201d;) with respect to the governance of Usiminas.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> February 8, 2018, </div>Ternium Investments resolved the dispute with NSSMC, and on <div style="display: inline; font-style: italic; font: inherit;"> April 10, 2018, </div>the T/T Group entities (including Confab), NSSMC and Previd&ecirc;ncia Usiminas entered into a new shareholders&#x2019; agreement for Usiminas, amending and restating the previously existing shareholders agreement (the &#x201c;New SHA&#x201d;). Usiminas&#x2019; control group now holds, in the aggregate, <div style="display: inline; font-style: italic; font: inherit;">483.6</div> million ordinary shares bound to the New SHA, representing approximately <div style="display: inline; font-style: italic; font: inherit;">68.6%</div> of Usiminas&#x2019; voting capital, with the T/T Group holding approximately <div style="display: inline; font-style: italic; font: inherit;">47.1%</div> of the total shares held by the control group (<div style="display: inline; font-style: italic; font: inherit;">39.5%</div> corresponding to the Ternium entities and the other <div style="display: inline; font-style: italic; font: inherit;">7.6%</div> corresponding to Confab); NSSMC holding approximately <div style="display: inline; font-style: italic; font: inherit;">45.9%</div> of the total shares held by the control group; and Previd&ecirc;ncia Usiminas holding the remaining <div style="display: inline; font-style: italic; font: inherit;">7%</div> of the total shares held by the control group.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The New SHA reflects the agreed-upon corporate governance rules for Usiminas, including, among others, an alternation mechanism for the nomination of each of the chief executive officer and the Chairman of the board of directors, as well as a mechanism for the nomination of other members of Usiminas&#x2019; executive board. The New SHA also incorporates an exit mechanism consisting of a buy-and-sell procedure, exercisable at any time during the term of the New SHA after the <div style="display: inline; font-style: italic; font: inherit;">fourth</div>-and-a-half-year anniversary from the <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>election of Usiminas&#x2019; executive board. Such exit mechanism shall apply with respect to shares held by NSSMC and the T/T Group, and would allow either Ternium or NSSMC to purchase all or a majority of the Usiminas shares held by the other shareholder.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 114 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In connection with the execution of the New SHA, Confab and the Ternium entities amended and restated their separate shareholders&#x2019; agreement governing their respective rights and obligations as members of the T/T Group to include provisions relating to the exit mechanism and generally to conform such separate shareholders&#x2019; agreement to the other provisions of the New SHA. The rights of Confab and Ternium and its subsidiaries within the Ternium - Tenaris Group are governed under such amended and restated separate shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, accounted it for under the equity method (as defined by IAS <div style="display: inline; font-style: italic; font: inherit;">28</div>).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Techgen</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen S.A. de C.V. (&#x201c;Techgen&#x201d;) is a Mexican joint venture company owned <div style="display: inline; font-style: italic; font: inherit;">48%</div> by Ternium, <div style="display: inline; font-style: italic; font: inherit;">30%</div> by Tecpetrol International S.A. and <div style="display: inline; font-style: italic; font: inherit;">22%</div> by Tenaris. Techgen operates a natural gas-fired combined electric power plant in the Pesquer&iacute;a area of the State of Nuevo Leon, M&eacute;xico. Tenaris, Ternium and Tecpetrol International S.A. are parties to a shareholders&#x2019; agreement relating to the governance of Techgen. In addition, the Company, Ternium and Tecpetrol International S.A. are under the indirect common control of San Faustin S.A., consequently Tenaris accounted it&#x2019;s interest under the equity method (as defined by IAS <div style="display: inline; font-style: italic; font: inherit;">28</div>).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris carries its investment in Ternium, Usiminas and Techgen under the equity method, with <div style="display: inline; font-style: italic; font: inherit;">no</div> additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset&#x2019;s carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">no</div> impairment provisions were recorded in any of the aforementioned investments. See Note <div style="display: inline; font-style: italic; font: inherit;">12.</div></div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">H</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<div style="display: inline; font-weight: bold;">Other investments</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more than <div style="display: inline; font-style: italic; font: inherit;">three</div> months at the date of purchase.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Certain non-derivative financial assets that the Company held <div style="display: inline; font-style: italic; font: inherit;">not</div> for trading have been categorized as financial assets &#x201c;at fair value through other comprehensive income&#x201d; (&#x201c;FVOCI&#x201d;). They are carried at fair value and interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement. FVOCI instruments with maturities greater than <div style="display: inline; font-style: italic; font: inherit;">12</div> months after the balance sheet date are included in non-current assets.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Other investments in financial instruments and time deposits are categorized as financial assets &#x201c;at fair value through profit or loss&#x201d; because such investments are held for trading and their performance is evaluated on a fair value basis. The results of these investments are recognized in <div style="display: inline; font-style: italic;">Financial Results</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Purchases and sales of financial investments are recognized as of their settlement date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is <div style="display: inline; font-style: italic; font: inherit;">not</div> active or the securities are <div style="display: inline; font-style: italic; font: inherit;">not</div> listed, Tenaris estimates the fair value by using standard valuation techniques. See Section III Financial Risk Management.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">L&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Equity components</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Consolidated Statement of Changes in Equity includes:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance with Luxembourg law;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in accordance with IFRS.</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Share capital</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company has an authorized share capital of a single class of <div style="display: inline; font-style: italic; font: inherit;">2.5</div> billion shares having a nominal value of <div style="display: inline; font-style: italic; font: inherit;">$1.00</div> per share. Total ordinary shares issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> are <div style="display: inline; font-style: italic; font: inherit;">1,180,536,830</div> with a par value of <div style="display: inline; font-style: italic; font: inherit;">$1.00</div> per share with <div style="display: inline; font-style: italic; font: inherit;">one</div> vote each. All issued shares are fully paid.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div><div style=" margin: 0pt 0; font-size: 10pt"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Dividends distribution by the Company to shareholders</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Dividends distributions are recorded in the Company&#x2019;s financial statements when Company&#x2019;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Dividends <div style="display: inline; font-style: italic; font: inherit;"> may </div>be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. See Note <div style="display: inline; font-style: italic; font: inherit;">25</div> (iii).</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. Goods in transit as of year-end are valued based on the supplier&#x2019;s invoice cost.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management&#x2019;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets held for sale and discontinued operations</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits and financial assets that are carried at fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increase in fair value less costs to sell of an asset (or disposal group), but <div style="display: inline; font-style: italic; font: inherit;">not</div> in excess of any cumulative impairment loss previously recognized.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-current assets (including those that are part of a disposal group) are <div style="display: inline; font-style: italic; font: inherit;">not</div> depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Consolidated Income Statement. See Note <div style="display: inline; font-style: italic; font: inherit;">29.</div></div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued initially at the fair market value of the assets acquired.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Company and the investment enhances the condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Cost <div style="display: inline; font-style: italic; font: inherit;"> may </div>also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">23</div>(R), &#x201c;Borrowing Costs&#x201d;. Assets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr> <td style="vertical-align: top; width: 4%; text-align: justify">&nbsp;</td> <td style="vertical-align: top; width: 56%; text-align: justify"><div style="display: inline; font-size: 10pt">Land</div></td> <td style="vertical-align: bottom; width: 40%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">No Depreciation</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify">&nbsp;</td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt">Buildings and improvements </div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">30-50 years</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify">&nbsp;</td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt">Plant and production equipment </div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">10-40 years</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify">&nbsp;</td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt">Vehicles, furniture and fixtures, and other equipment</div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">4-10 years</div></div></td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The assets&#x2019; residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if appropriate, at each year-end date. An asset&#x2019;s carrying amount is written down immediately to its recoverable amount if the asset&#x2019;s carrying amount is greater than its estimated recoverable amount.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">16,</div> &#x201c;Property, Plant and Equipment&#x201d;, did <div style="display: inline; font-style: italic; font: inherit;">not</div> materially affect depreciation expenses for <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under <div style="display: inline; font-style: italic;">Other operating income </div>or <div style="display: inline; font-style: italic;">Other operating expenses</div> in the Consolidated Income Statement.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">P&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a <div style="display: inline; font-style: italic; font: inherit;">third</div> party is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris&#x2019;s potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a potential loss from a claim or proceeding is considered probable and the amount can be reliably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration Tenaris&#x2019;s litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. As the scope of liabilities become better defined, there <div style="display: inline; font-style: italic; font: inherit;"> may </div>be changes in the estimates of future costs which could have a material adverse effect on its results of operations, financial condition and cash flows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">This note should be read in conjunction with Note <div style="display: inline; font-style: italic; font: inherit;">25.</div></div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">R&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue recognition</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of Tenaris&#x2019;s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Revenue is recognized at a point in time or over time from sales when control has been transferred and there is <div style="display: inline; font-style: italic; font: inherit;">no</div> unfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. These conditions are determined and analyzed on a contract by contract basis to ensure that all performance obligations are fulfilled; in particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal; color: black">For bill and hold transactions</div> <div style="display: inline; font-weight: normal">revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the ability to use the product or to direct it to another customer; (d) the usual payment terms apply.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company&#x2019;s contracts with customers do <div style="display: inline; font-style: italic; font: inherit;">not</div> provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return are based on expected value considering past experience and contract conditions.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are <div style="display: inline; font-style: italic; font: inherit;">not</div> directly observable, they are estimated based on the expected cost plus margin.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and include:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Pipe Management Services. </div>This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Field Services. </div>Comprises&nbsp;field technical support and running assistance.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">These services are rendered in connection to the sales of goods and are attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are <div style="display: inline; font-style: italic; font: inherit;">no</div> distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Revenue from providing services is recognized over time in the accounting period in which the services are rendered. The following inputs and outputs methods are applied to recognize revenue considering the nature of service:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Storage services</div>, the Company provides storage services in owned or <div style="display: inline; font-style: italic; font: inherit;">third</div>-party warehouses, subject to a variable fee to be invoiced. This fee is determined based on the time that the customer maintains the material in the warehouse and the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Freights, </div>the Company recognized the revenue on a pro rata bases considering the units delivered and time elapsed.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Field services</div>, the revenue is recognized considering outputs method, in particular surveys of service completion provided by the customer.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 125 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds <div style="display: inline; font-style: italic; font: inherit;">one</div> year. As a consequence, considering that the contracts do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any significant financing component, the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> adjust any of the transaction prices for the time value of money. For this reason, the Company is also applying the practical expedient <div style="display: inline; font-style: italic; font: inherit;">not</div> to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with <div style="display: inline; font-style: italic; font: inherit;">no</div> incremental service to the customer. Accordingly, warranties do <div style="display: inline; font-style: italic; font: inherit;">not</div> constitute a separate performance obligation.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">Other revenues earned by Tenaris are recognized on the following basis:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Interest income: on the effective yield basis.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Dividend income from investments in other companies: when Tenaris&#x2019;s right to receive payment is established.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Construction contracts revenues is recognized in accordance with the stage of the project completion.</td> </tr> </table></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment information</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company is organized in <div style="display: inline; font-style: italic; font: inherit;">one</div> major business segment, Tubes, which is also the reportable operating segment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries. Corporate general and administrative expenses have been allocated to the Tubes segment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Others includes all other business activities and operating segments that are <div style="display: inline; font-style: italic; font: inherit;">not</div> required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing, utility conduits for buildings, heat exchangers, energy and raw materials that exceed internal requirements.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&#x2019;s Chief Operating Decision Maker (CEO) holds monthly meetings with senior management, in which operating and financial performance information is reviewed, including financial information that differs from IFRS principally as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciations;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Other timing differences, if any.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris presents its geographical information in <div style="display: inline; font-style: italic; font: inherit;">five</div> areas: North America, South America, Europe, Middle East and Africa and Asia Pacific. For purposes of reporting geographical information, net sales are allocated to geographical areas based on the customer&#x2019;s location; allocation of assets, capital expenditures and associated depreciations and amortizations are based on the geographical location of the assets.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">Q &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and subsequently measured at amortized cost. They are presented as current liabilities unless payment is <div style="display: inline; font-style: italic; font: inherit;">not</div> due within <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months after the reporting period. Due to the short-term nature their carrying amounts are considered to be the same as their fair value.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">J&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is unconditional unless they contain significant financing components. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Due to the short-term nature, their carrying amount is considered to be the same as their fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris applies the IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div> &#x201c;Financial Instruments&#x201d; simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of <div style="display: inline; font-style: italic; font: inherit;">three</div> years and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">K&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less than <div style="display: inline; font-style: italic; font: inherit;">three</div> months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which approximates fair market value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In the Consolidated Statement of Financial Position, bank overdrafts are included in <div style="display: inline; font-style: italic;">Borrowings</div> in current liabilities.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For the purposes of the Consolidated Statement of Cash Flows, <div style="display: inline; font-style: italic;">Cash and cash equivalents</div> includes overdrafts.</div></div></div></div></div></div></div></div></div></div></div></div></div> 0.082 0.159 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">31</div></div></td> <td><div style="display: inline; font-weight: bold;">Fees paid to the Company's principal accountant</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; text-align: left">Audit fees</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,846</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,841</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,995</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Audit-related fees</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">43</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Tax fees</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">All other fees</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,904</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,891</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">19</div></div></td> <td><div style="display: inline; font-weight: bold;">Borrowings</div></td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Non-current</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Bank borrowings</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,896</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,214</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Costs of issue of debt</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,880</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,187</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Current</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Bank borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,258</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">508,143</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Bank overdrafts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,644</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Finance lease liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Costs of issue of debt</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Borrowings</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The maturity of borrowings is as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 year or <br /> less</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 - 2 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2 &#x2013; 3 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3 - 4 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4 - 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Over 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Other borrowings</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,307</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,573</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total borrowings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,307</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,573</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest to be accrued (*)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,370</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,045</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,532</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">792,642</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,352</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,690</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">834,684</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 year or <br /> less</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 - 2 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2 &#x2013; 3 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3 - 4 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4 - 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Over 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left">Financial lease</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other borrowings</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,776</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,271</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,771</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,145</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">538,963</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total borrowings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,271</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,771</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,145</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest to be accrued (*)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,182</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,175</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">169</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,692</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">518,002</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,446</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,937</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,314</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">549,699</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; background-color: white">(*) Includes the effect of hedge accounting.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">Significant borrowings include:</div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">In million of USD</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; width: 26%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Disbursement date</div></td> <td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Borrower</div></td> <td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Type</div></td> <td style="white-space: nowrap; width: 23%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Original &amp; Outstanding</div></td> <td style="white-space: nowrap; width: 23%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Final maturity</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Tamsa</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Bank loans</div></div></td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">621</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Siderca</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Bank loans</div></div></td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">60</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">&nbsp;</td> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="white-space: nowrap; text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: center">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris was in compliance with all of its covenants.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> considering hedge accounting where applicable.</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Total borrowings</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.18</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.98</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">Breakdown of long-term borrowings by currency and rate is as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Non-current borrowings</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest rates</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; font-size: 10pt">USD</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 36%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,370</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,762</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">SAR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,106</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,108</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,023</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,296</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,402</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,880</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,187</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <!-- Field: Page; Sequence: 147 --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt">Breakdown of short-term borrowings by currency and rate is as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Current borrowings</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest rates</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; font-size: 10pt">USD</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 36%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,092</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,847</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">274,799</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">138,303</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">198</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,178</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">MXN</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">424,964</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">301,047</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">ARS</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">86</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,125</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">SAR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,666</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">SAR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,797</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Borrowings evolution</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non current</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,187</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(229</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">669</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Proceeds and repayments, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,582</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">203,931</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interests accrued less payments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,950</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,733</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,733</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to Business Combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,933</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,789</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Overdrafts variation</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,620</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,880</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">The carrying amounts of assets pledged as security for current and non-current borrowings are immaterial for the years <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2018.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.9pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">27</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Business combinations</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Acquisition of Saudi Steel Pipe Company</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-family: Wingdings">&sect; </div>Acquisition</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2019, </div>Tenaris acquired <div style="display: inline; font-style: italic; font: inherit;">47.79%</div> of the shares of SSP, a welded steel pipes producer listed on the Saudi stock market, for a total amount of <div style="display: inline; font-style: italic; font: inherit;">SAR530</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$141</div> million). The amount was paid with Tenaris cash in hand. SSP&#x2019;s facilities are located in the Eastern Province of the Kingdom of Saudi Arabia and have a manufacturing capacity of <div style="display: inline; font-style: italic; font: inherit;">360,000</div> tons per year. SSP started its operations in <div style="display: inline; font-style: italic; font: inherit;">1980</div> and serves energy industrial and commercial segments, is qualified to supply products with major national oil companies in the region.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Upon closing of the acquisition, <div style="display: inline; font-style: italic; font: inherit;">four</div> Tenaris&#x2019;s nominees were appointed as new members of the SSP&#x2019;s board of directors and a Tenaris senior executive was appointed as managing director and chief executive officer of SSP. Such appointment was ratified at the shareholders meeting of SSP held on <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2019, </div>where the shareholders also approved the reappointment of the Tenaris&#x2019;s nominees until <div style="display: inline; font-style: italic; font: inherit;"> June 6, 2022.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company has begun consolidating SSP&#x2019;s balances and results of operations as from <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2019.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td>Fair value of net assets acquired</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The application of the purchase method requires certain estimates and assumptions specially concerning the determination of the fair values of the acquired intangible assets and property, plant and equipment as well as the liabilities assumed at the date of the acquisition. The fair values determined at the acquisition date are based mainly on discounted cash flows and other valuation techniques.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Fair value of acquired assets and liabilities:</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">SAR million</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">$ million</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Property, Plant and Equipment</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">671</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">179</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Customer relationship</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">305</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investment in associated</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Working capital</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">167</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">45</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Cash and Cash Equivalents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other Receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(304</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(81</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Employees end of service benefits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(59</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred Tax Liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Net assets acquired</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">853</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">228</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris acquired <div style="display: inline; font-style: italic; font: inherit;">47.79%</div> of total assets and liabilities shown above, approximately <div style="display: inline; font-style: italic; font: inherit;">$109</div> million. As of the result of the acquisition, the Company recognized a Goodwill of approximately <div style="display: inline; font-style: italic; font: inherit;">$32.9</div> million. Tenaris has chosen to recognize the non-controlling interest at the proportionate share of the acquiree&#x2019;s net identifiable assets.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The acquired business contributed revenues for <div style="display: inline; font-style: italic; font: inherit;">$170.6</div> million with a minor contribution to Tenaris&#x2019;s margin for the period starting <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2019 </div>and ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If the acquisition had occurred on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019, </div>consolidated revenue and profit after tax would have <div style="display: inline; font-style: italic; font: inherit;">not</div> changed significantly.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The purchase price allocation has been done with the assistance of a <div style="display: inline; font-style: italic; font: inherit;">third</div> party expert.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">Acquisition of Garrett</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> September 2017, </div>Tenaris acquired <div style="display: inline; font-style: italic; font: inherit;">100%</div> of Garrett (a pipe services and trucking business) through the payment of a price of <div style="display: inline; font-style: italic; font: inherit;">$10.4</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><br /> If the acquisition had occurred on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2017, </div>Tenaris&#x2019;s unaudited pro forma net sales and net income from continuing operations would <div style="display: inline; font-style: italic; font: inherit;">not</div> have changed materially.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.75pt"><div style="display: inline; font-style: italic; font: inherit;">28</div></td> <td style="text-align: justify">Cash flow disclosures</td> </tr> </table> <div style=" margin: 0pt 0 0pt 2.75pt; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left; font-size: 10pt">(i)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">Changes in working capital</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 3%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 56%; font-size: 10pt">Inventories</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">311,459</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(176,443</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(804,415</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Receivables and prepayments and Current tax assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(34,368</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,144</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,564</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,326</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(517,579</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(259,375</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Other liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,295</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(22,984</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,226</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Customer advances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,844</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,976</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,039</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Trade payables</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(180,857</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(57,066</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">193,905</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523,109</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(737,952</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(853,184</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">(ii)</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Income tax accruals less payments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Tax accrued</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,136</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Taxes paid</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(395,869</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(170,713</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(176,853</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(193,417</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">58,494</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(193,989</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">(iii)</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Interest accruals less payments, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Interest accrued</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,616</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,914</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(20,534</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Interest received</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,890</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,613</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,001</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest paid</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(30,655</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(31,548</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,917</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,381</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,151</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,550</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">(iv)</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Cash at banks, liquidity funds and short - term investments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,299</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,361</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">330,221</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Bank overdrafts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(24</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,644</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,275</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">426,717</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">330,090</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">25</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Contingencies, commitments and restrictions on the distribution of profits</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify; text-indent: -28.35pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingencies </div></div></div> <div style=" margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which <div style="display: inline; font-style: italic; font: inherit;">third</div> parties are seeking payment for alleged damages, reimbursement for losses, or indemnity. Management with the assistance of legal counsel periodically reviews the status of each significant matter and assesses potential financial exposure.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, Tenaris is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, Tenaris has <div style="display: inline; font-style: italic; font: inherit;">not</div> accrued a provision for the potential outcome of these cases.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, Tenaris was able to make a reliable estimate of the expected loss or range of probable loss and has accrued a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice Tenaris&#x2019;s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency but has <div style="display: inline; font-style: italic; font: inherit;">not</div> disclosed its estimate of the range of potential loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements are adequate based upon currently available information. However, if management&#x2019;s estimates prove incorrect, current reserves could be inadequate and Tenaris could incur a charge to earnings which could have a material adverse effect on Tenaris&#x2019;s results of operations, financial condition, net worth and cash flows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Below is a summary description of Tenaris&#x2019;s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, Tenaris is subject to other legal proceedings, <div style="display: inline; font-style: italic; font: inherit;">none</div> of which is believed to be material.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 16.8pt"></td> <td style="width: 14.7pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">CSN claims relating to the <div style="display: inline; font-style: italic; font: inherit;"> January 2012 </div>acquisition of Usiminas shares</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">Confab Industrial S.A. (&#x201c;Confab&#x201d;), a Brazilian subsidiary of the Company, is <div style="display: inline; font-style: italic; font: inherit;">one</div> of the defendants in a lawsuit filed in Brazil by Companhia Sider&uacute;rgica Nacional (&#x201c;CSN&#x201d;) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that acquired a participation in Usiminas&#x2019; control group in <div style="display: inline; font-style: italic; font: inherit;"> January 2012.</div></div> <div style=" margin: 0pt 0 0pt 17.85pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas&#x2019; ordinary shares for a price per share equal to <div style="display: inline; font-style: italic; font: inherit;">80%</div> of the price per share paid in such acquisition, or <div style="display: inline; font-style: italic; font: inherit;">BRL28.8,</div> and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to <div style="display: inline; font-style: italic; font: inherit;">182,609,851</div> ordinary shares of Usiminas <div style="display: inline; font-style: italic; font: inherit;">not</div> belonging to Usiminas&#x2019; control group, and Confab would have a <div style="display: inline; font-style: italic; font: inherit;">17.9%</div> share in that offer.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 154 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <table cellpadding="0" cellspacing="0" style="; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 16.8pt"></td> <td style="width: 14.7pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">CSN claims relating to the <div style="display: inline; font-style: italic; font: inherit;"> January 2012 </div>acquisition of Usiminas shares (Cont.)</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 23, 2013, </div>the <div style="display: inline; font-style: italic; font: inherit;">first</div> instance court dismissed the CSN lawsuit, and on <div style="display: inline; font-style: italic; font: inherit;"> February 8, 2017, </div>the court of appeals maintained the understanding of the <div style="display: inline; font-style: italic; font: inherit;">first</div> instance court. On <div style="display: inline; font-style: italic; font: inherit;"> March 6, 2017, </div>CSN filed a motion for clarification against the decision of the Court of Appeals of S&atilde;o Paulo, which was rejected on <div style="display: inline; font-style: italic; font: inherit;"> July 19, 2017. </div>On <div style="display: inline; font-style: italic; font: inherit;"> August 18, 2017, </div>CSN filed an appeal to the Superior Court of Justice seeking the review and reversal of the decision issued by the Court of Appeals. On <div style="display: inline; font-style: italic; font: inherit;"> March 5, 2018, </div>the court of appeals ruled that CSN&#x2019;s appeal did <div style="display: inline; font-style: italic; font: inherit;">not</div> meet the requirements for submission to the Superior Court of Justice and rejected the appeal. On <div style="display: inline; font-style: italic; font: inherit;"> May 8, 2018, </div>CSN appealed against such ruling and on <div style="display: inline; font-style: italic; font: inherit;"> January 22, 2019, </div>the court of appeals rejected it and ordered that the case be submitted to the Superior Court of Justice. On <div style="display: inline; font-style: italic; font: inherit;"> September 10, 2019, </div>the Superior Court of Justice declared CSN&#x2019;s appeal admissible. The Superior Court of Justice will review the case and then render a decision on the merits. The Superior Court of Justice is restricted to the analysis of alleged violations to federal laws and cannot assess matters of fact.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 78.5pt">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">Tenaris continues to believe that all of CSN&#x2019;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, <div style="display: inline; font-style: italic; font: inherit;">two</div> decisions issued by the Brazilian securities regulator (CVM) in <div style="display: inline; font-style: italic; font: inherit;"> February 2012 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 2016, </div>and the <div style="display: inline; font-style: italic; font: inherit;">first</div> and <div style="display: inline; font-style: italic; font: inherit;">second</div> instance court decisions referred to above.</div> <div style=" margin: 0pt 0 0pt 21.55pt; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 16.8pt"></td> <td style="width: 14.7pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Veracel celulose accident litigation</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 21.55pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 21, 2007, </div>an accident occurred in the premises of Veracel Celulose S.A. (&#x201c;Veracel&#x201d;) in connection with a rupture in <div style="display: inline; font-style: italic; font: inherit;">one</div> of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel.&nbsp;Ita&uacute; Seguros S.A. (&#x201c;Ita&uacute;&#x201d;), Veracel&#x2019;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&#x201c;Chubb&#x201d;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a <div style="display: inline; font-style: italic; font: inherit;">second</div> lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts <div style="display: inline; font-style: italic; font: inherit;">not</div> covered by insurance. Ita&uacute; and Veracel claimed that the Veracel accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused by the improper handling by Veracel&#x2019;s personnel of the equipment supplied by Confab in violation of Confab&#x2019;s instructions. The <div style="display: inline; font-style: italic; font: inherit;">two</div> lawsuits were consolidated and are considered by the <div style="display: inline; font-style: italic; font: inherit;">6th</div> Civil Court of S&atilde;o Caetano do Sul; however, each lawsuit will be adjudicated separately.</div> <div style=" margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 28, 2018 </div>Confab and Chubb, entered into a settlement agreement pursuant to which on <div style="display: inline; font-style: italic; font: inherit;"> October 9, 2018, </div>Confab paid an amount of approximately <div style="display: inline; font-style: italic; font: inherit;">$3.5</div> million to Chubb, without assuming any liability for the accident or the claim.</div> <div style=" margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 10, 2018, </div>Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:</div> <div style=" margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 27pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">With respect to Chubb&#x2019;s claim, Confab was ordered to pay an amount of approximately <div style="display: inline; font-style: italic; font: inherit;">BRL89.8</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$21.6</div> million) (including interest, fees and expenses). On <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2018, </div>Confab filed a request for homologation of the settlement agreement mentioned above, as such settlement agreement remains valid and binding between the parties. On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2018, </div>the settlement agreement was homologated by the court.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 45.1pt; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 27pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">With respect to Veracel&#x2019;s claim, Confab was ordered to pay the insurance deductible and other concepts <div style="display: inline; font-style: italic; font: inherit;">not</div> covered by insurance, currently estimated to amount to <div style="display: inline; font-style: italic; font: inherit;">BRL62.9</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$15.6</div> million) (including interest, fees and expenses). Both parties filed motions for clarification against the court&#x2019;s decision, which were partially granted. Although the contract between Confab and Veracel expressly provided that Confab would <div style="display: inline; font-style: italic; font: inherit;">not</div> be liable for damages arising from lost profits, the court award would appear to include <div style="display: inline; font-style: italic; font: inherit;">BRL54.0</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$13.4</div> million) of damages arising therefrom; Confab has additional defense arguments in respect of a claim for lost profits. On <div style="display: inline; font-style: italic; font: inherit;"> December 18, 2018, </div>Confab filed an appeal against the <div style="display: inline; font-style: italic; font: inherit;">first</div> instance court decision, and on <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2019, </div>Veracel filed its response to the appeal. At this stage the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <!-- Field: Page; Sequence: 155 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-family: Wingdings">&sect;<div style="display: inline; font-size: 10pt"> </div></div><div style="display: inline; font-style: italic;">Ongoing investigation </div></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">The Company is aware that Brazilian, Italian and Swiss authorities have been investigating whether certain payments were made from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&oacute;leo Brasileiro S.A. (&#x201c;Petrobras&#x201d;) and whether any such payments were intended to benefit the Company&#x2019;s Brazilian subsidiary Confab. Any such payments could violate certain applicable laws, including the U.S. Foreign Corrupt Practices Act.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">The Company had previously reviewed certain of these matters in connection with an investigation by the Brazilian authorities related to &#x201c;Operation Lava Jato&#x201d;, a new phase of which is presently ongoing, and did <div style="display: inline; font-style: italic; font: inherit;">not</div> uncover any information that corroborated allegations of involvement in these alleged payments by the Company or its subsidiaries. Furthermore, the Company became aware that a Petrobras internal investigation commission reviewed certain contracts with Confab and concluded that they had <div style="display: inline; font-style: italic; font: inherit;">not</div> found evidence that Petrobras had benefitted Confab or had misused applicable local content rules.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">The Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company&#x2019;s review. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission and the U.S. Department of Justice in <div style="display: inline; font-style: italic; font: inherit;"> October 2016.</div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> July 2019, </div>the Company learned that the public prosecutor office of Milan, Italy, had completed a preliminary investigation into the alleged payments and had included in the investigation, among other persons, the Company&#x2019;s Chairman and Chief Executive Officer, <div style="display: inline; font-style: italic; font: inherit;">two</div> other board members, Gianfelice Rocca and Roberto Bonatti, and the Company&#x2019;s controlling shareholder, San Faustin. In <div style="display: inline; font-style: italic; font: inherit;"> February 2020, </div>the Company learned that the magistrate overseeing the investigation decided to move the case to trial. The Company&#x2019;s outside counsel had previously reviewed the Italian prosecutors&#x2019; investigative file and has informed the Board that neither that file nor this magistrate&#x2019;s decision sets forth evidence of involvement by any of the <div style="display: inline; font-style: italic; font: inherit;">three</div> directors in the alleged wrongdoing. Accordingly, the Board has concluded that <div style="display: inline; font-style: italic; font: inherit;">no</div> particular action is warranted at the present time, other than inviting the referred board members to continue discharging their respective responsibilities with the full support of the Board.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">The Company continues to review these matters and to respond to requests from and otherwise cooperate with the appropriate authorities. At this time, the Company cannot predict the outcome of these matters or estimate the range of potential loss or extent of risk, if any, to the Company's business that <div style="display: inline; font-style: italic; font: inherit;"> may </div>result from resolution of these matters.</div> <div style=" margin: 0pt 0 0pt 0.3in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-family: Wingdings">&sect; </div><div style="display: inline; font-style: italic;">Putative class actions</div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">Following the Company&#x2019;s <div style="display: inline; font-style: italic; font: inherit;"> November 27, 2018 </div>announcement that its Chairman and CEO Paolo Rocca had been included in an Argentine court investigation known as the Notebooks Case (a decision subsequently reversed by a higher court), <div style="display: inline; font-style: italic; font: inherit;">two</div> putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On <div style="display: inline; font-style: italic; font: inherit;"> April 29, 2019, </div>the court consolidated the complaints into a single case, captioned &#x201c;In re Tenaris S.A. Securities Litigation&#x201d;, and appointed lead plaintiffs and lead counsel. On <div style="display: inline; font-style: italic; font: inherit;"> July 19, 2019, </div>the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of <div style="display: inline; font-style: italic; font: inherit;"> May 1, 2014 </div>through <div style="display: inline; font-style: italic; font: inherit;"> December 5, 2018. </div>The individual defendants named in the complaint are Tenaris&#x2019;s Chairman and CEO and Tenaris&#x2019;s former CFO. The complaint alleges that during the class period, the Company and the individual defendants inflated the Tenaris share price by failing to disclose that sale proceeds received by Ternium (in which Tenaris held an <div style="display: inline; font-style: italic; font: inherit;">11.46%</div> stake) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments made to Argentine officials. The complaint does <div style="display: inline; font-style: italic; font: inherit;">not</div> specify the damages that plaintiff is seeking. Defendants&#x2019; motions to dismiss are expected to be decided during <div style="display: inline; font-style: italic; font: inherit;">2020.</div> Management believes the Company has meritorious defenses to these claims; however, at this stage the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-family: Wingdings">&sect;<div style="display: inline; font-size: 10pt"> </div></div><div style="display: inline; font-style: italic;">Investigation concerning alleged price overcharges in Brazil</div></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;">2018,</div> <div style="display: inline; font-style: italic; font: inherit;">two</div> Brazilian subsidiaries of the Company were notified of formal charges arising from a review by the Tribunal de Contas da Uniao (&#x201c;TCU&#x201d;) for alleged price overcharges on goods supplied to Petr&oacute;leo Brasileiro S.A- Petrobras under a supply contract. Both companies have already filed their defenses. The estimated amount of this <div style="display: inline; background-color: white">claim is <div style="display: inline; font-style: italic; font: inherit;">BRL29.8</div> million</div> (approximately <div style="display: inline; font-style: italic; font: inherit;">$7.4</div> million). Tenaris believes, based on the advice of counsel and external consultants, that the prices charged under the Petrobras contract do <div style="display: inline; font-style: italic; font: inherit;">not</div> result in overprices and that it is unlikely that the ultimate resolution of this matter will result in a material obligation.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <!-- Field: Page; Sequence: 156 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-family: Wingdings">&sect; </div><div style="display: inline; font-style: italic;">Administrative proceeding concerning Brazilian tax credits</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and/or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately <div style="display: inline; font-style: italic; font: inherit;">75%</div> of the allegedly undue credits, which was appealed by Confab. On <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2019, </div>Confab was notified of an administrative decision denying Confab&#x2019;s appeal, thereby upholding the tax determination and the fine against Confab. On <div style="display: inline; font-style: italic; font: inherit;"> January 28, 2019, </div>Confab challenged such administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab <div style="display: inline; font-style: italic; font: inherit;"> may </div>still appeal before the courts. The estimated amount of this claim is <div style="display: inline; font-style: italic; font: inherit;">BRL56.8</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$14.1</div>&nbsp;million). At this stage, the Company cannot predict the outcome of this claim.</div> <div style=" margin: 0pt 0 0pt 40.5pt; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-family: Wingdings">&sect;<div style="display: inline; font-size: 10pt"> </div></div><div style="display: inline; font-style: italic;">U.S. Patent infringement litigation</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">Tenaris Coiled Tubes, LLC (&#x201c;TCT&#x201d;), a U.S. subsidiary of the Company, was sued on <div style="display: inline; font-style: italic; font: inherit;">2017</div> by its competitor Global Tubing, alleging violations to certain intellectual property regulations and seeking a declaration that certain Global Tubing products do <div style="display: inline; font-style: italic; font: inherit;">not</div> infringe patents held by TCT. TCT filed a counterclaim seeking declaration that certain <div style="display: inline; font-style: italic;">Global</div> Tubing products infringe patents held by TCT, and Global Tubing responded alleging that such patents should be invalidated. On <div style="display: inline; font-style: italic; font: inherit;"> December 13, 2019, </div>Global Tubing filed an amended complaint (including the Company as defendant) and alleging that TCT and the Company misled the patent office in order to monopolize the coiled tubing market for quench and tempered products. Trial is set for <div style="display: inline; font-style: italic; font: inherit;"> August </div>of <div style="display: inline; font-style: italic; font: inherit;">2021.</div> At this time, the Company cannot predict the outcome of this matter or estimate the range of potential losses that <div style="display: inline; font-style: italic; font: inherit;"> may </div>result from resolution of this claim.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-family: Wingdings">&sect; </div><div style="display: inline; font-style: italic;">Tax assessment from Italian Tax Authorities</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">Tenaris&#x2019;s Italian subsidiary Dalmine received on <div style="display: inline; font-style: italic; font: inherit;"> December 27, 2019, </div>a tax assessment from the Italian tax authorities related to fiscal year <div style="display: inline; font-style: italic; font: inherit;">2014.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the claim amounted to approximately <div style="display: inline; font-style: italic; font: inherit;">EUR25</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$28</div> million), comprising <div style="display: inline; font-style: italic; font: inherit;">EUR20.7</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$23.2</div> million) in principal and <div style="display: inline; font-style: italic; font: inherit;">EUR4.3</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$4.8</div> million) in interest and penalties. In the report for a tax audit conducted in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the Italian tax inspectors indicated that they also intend to bring claims for fiscal year <div style="display: inline; font-style: italic; font: inherit;">2015</div> with respect to the same matters; as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>these additional claims would amount to approximately <div style="display: inline; font-style: italic; font: inherit;">EUR10.3</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$11.6</div> million), comprising <div style="display: inline; font-style: italic; font: inherit;">EUR8.1</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$9.1</div> million) in principal and <div style="display: inline; font-style: italic; font: inherit;">EUR2.2</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million) in interest and penalties. The claims mainly refer to the compensation for certain intercompany transactions involving Dalmine in connection with sales of products and R&amp;D activities. Based on the counsel&#x2019;s advice, Tenaris believes that it is unlikely that the ultimate resolution of these matters will result in a material obligation.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 40.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(ii)</div></div></td> <td><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Commitments and guarantees</div></div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt">Set forth is a description of Tenaris&#x2019;s main outstanding commitments:</div> <div style=" margin: 0pt 0 0pt 0.3in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">A Tenaris company entered into a contract with Transportadora de Gas del Norte S.A. for the service of natural gas transportation to the facilities of Siderca, an Argentine subsidiary of Tenaris. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the aggregate commitment to take or pay the committed volumes for a <div style="display: inline; font-style: italic; font: inherit;">9</div>-year term totaled approximately <div style="display: inline; font-style: italic; font: inherit;">$27.4</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 17.85pt; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Several Tenaris companies entered into a contract with Praxair S.A. for the service of oxygen and nitrogen supply. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the aggregate commitment to take or pay the committed volumes for a <div style="display: inline; font-style: italic; font: inherit;">14</div>-year term totalled approximately <div style="display: inline; font-style: italic; font: inherit;">$53.7</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-indent: -13.5pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td>Several Tenaris companies entered into a contract with Graftech for the supply of graphite electrodes. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the aggregate commitment to take or pay the committed volumes totalled approximately <div style="display: inline; font-style: italic; font: inherit;">$26.8</div> million.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <!-- Field: Page; Sequence: 157 --> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">A Tenaris company entered into a <div style="display: inline; font-style: italic; font: inherit;">25</div>-year contract (effective as of <div style="display: inline; font-style: italic; font: inherit;"> December 1, 2016, </div>through <div style="display: inline; font-style: italic; font: inherit;"> December 1, 2041) </div>with Techgen for the supply of <div style="display: inline; font-style: italic; font: inherit;">197</div> MW (which represents <div style="display: inline; font-style: italic; font: inherit;">22%</div> of Techgen&#x2019;s capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the <div style="display: inline; font-style: italic; font: inherit;">seventh</div> contract year (as long as Techgen&#x2019;s existing or replacing bank facility has been repaid in full), the Tenaris company has the right to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by the Comisi&oacute;n Federal de Electricidad (&#x201c;CFE&#x201d;) or its successors. The Tenaris company <div style="display: inline; font-style: italic; font: inherit;"> may </div>instruct Techgen to sell to any affiliate, to CFE, or to any other <div style="display: inline; font-style: italic; font: inherit;">third</div> party all or any part of unused contracted energy under the agreement and the Tenaris company will benefit from the proceeds of such sale.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">A Tenaris company entered into a contract with Vale International S.A. for the supply of iron ore, for which it is committed to purchase at least <div style="display: inline; font-style: italic; font: inherit;">70%</div> of its annual iron ore needs, up to <div style="display: inline; font-style: italic; font: inherit;">770</div> thousand tons of pellets annually. The contract expires on <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>The aggregate commitment amounts to approximately <div style="display: inline; font-style: italic; font: inherit;">$33.6</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">A Tenaris company entered into a contract with Canadian National Railway for the service of rail transportation from its raw material supplier to its Canadian production center.&nbsp;The total commitment ending <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>is <div style="display: inline; font-style: italic; font: inherit;">$18.9</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">A Tenaris company entered into a contract with Air Liquide Mexico, S. de R.L de C.V. for the supply of argon gas. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the aggregate commitment totaled approximately <div style="display: inline; font-style: italic; font: inherit;">$21.2</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">A Tenaris company is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to purchase on a monthly basis a minimum volume of steel bars at prices that will be adjusted quarterly by the parties. The contract will become effective in <div style="display: inline; font-style: italic; font: inherit;"> January 2020 </div>and will be in force until <div style="display: inline; font-style: italic; font: inherit;"> December 2022. </div>As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the estimated aggregate contract amount through <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2022, </div>calculated at current prices, is approximately <div style="display: inline; font-style: italic; font: inherit;">$107.1</div> million.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">Additionally Tenaris has issued performance guarantees mainly related to long term commercial contracts with several customers and parent companies guarantees for approximately <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> billion.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<div style="display: inline; color: black">Restrictions to the distribution of profits and payment of dividends</div></div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In accordance with Luxembourg Law, the Company is required to transfer a minimum of <div style="display: inline; font-style: italic; font: inherit;">5%</div> of its net profit for each financial year to a legal reserve until such reserve equals <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the issued share capital.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>this reserve is fully allocated and additional allocations to the reserve are <div style="display: inline; font-style: italic; font: inherit;">not</div> required under Luxembourg law. Dividends <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be paid out of the legal reserve.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td>Cost of sales</td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; text-align: justify">Inventories at the beginning of the year</td> <td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,524,341</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,368,304</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,563,889</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase in inventory due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,966</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Plus: Charges of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Raw materials, energy, consumables and other</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,709,629</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,400,396</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,503</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Services and fees</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,415</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">275,130</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">244,035</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Labor cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">870,261</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">855,040</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">778,408</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,791</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">432,497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">383,490</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Amortization of intangible assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,948</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,220</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,621</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,727</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Maintenance expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">284,758</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,782</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">183,370</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Allowance for obsolescence</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,138</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,457</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Taxes</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100,738</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,308</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,542</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,663</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,507</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,823</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,849,034</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,435,337</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,496,875</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Less: Inventories at the end of the year</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,265,880</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,524,341</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,368,304</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,403</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,107,495</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,279,300</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,685,057</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">20</div></div></td> <td><div style="display: inline; font-weight: bold;">Deferred income tax</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 22.3pt; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The evolution of deferred tax assets and liabilities during the year are as follows:</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; font-weight: bold">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Deferred tax liabilities</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fixed assets (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intangible and Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">710,995</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,048</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,532</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">782,575</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(347</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(351</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,621</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,209</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,830</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">423</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">423</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge / (credit)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(64,930</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,652</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,902</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,680</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">651,339</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,396</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,062</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">788,797</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fixed assets (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intangible and Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">744,926</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,934</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,585</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">835,445</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(876</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">92</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(784</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(33,055</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,886</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,468</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(52,409</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">710,995</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,048</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,532</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">782,575</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">(*) Includes the effect of currency translation on tax base. See Note <div style="display: inline; font-style: italic; font: inherit;">7.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 148 --> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Deferred tax assets</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Provisions and<br /> allowances</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax losses</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,116</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,585</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(396,257</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,184</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(585,142</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">362</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">306</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">286</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,451</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,160</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,413</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,172</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,238</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,983</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,261</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,261</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge / (credit)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,739</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,712</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,100</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(92,209</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,560</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,653</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(93,404</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(382,832</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(181,606</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(677,495</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Provisions and<br /> allowances</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax losses</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,475</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(89,555</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(354,944</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(60,033</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(531,007</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">952</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(164</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">788</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,532</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,447</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,014</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,955</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,587</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,610</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge / (credit)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,852</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,523</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(42,327</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27,536</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(61,488</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,116</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,585</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(396,257</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,184</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(585,142</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;">2019</div> the effect of the adoption of IFRS <div style="display: inline; font-style: italic; font: inherit;">16</div> has been recognized as &#x201c;Other&#x201d; both for deferred tax assets and liabilities.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets related to taxable losses of Tenaris subsidiaries are recognized to the extent it is considered probable that future taxable profits will be available against which such losses can be utilized in the foreseeable future. This amount includes <div style="display: inline; font-style: italic; font: inherit;">$338</div> million related to US subsidiaries mainly due to the recognition of accelerated fiscal depreciations. The remaining balance mainly corresponds to Japanese and Brazilian subsidiaries. These subsidiaries have incurred in fiscal losses in the past. Tenaris has concluded that these deferred tax assets will be recoverable based on the business plans and budgets.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The expiration dates of the recognized tax losses in less than <div style="display: inline; font-style: italic; font: inherit;">1</div> year, between <div style="display: inline; font-style: italic; font: inherit;">2</div> and <div style="display: inline; font-style: italic; font: inherit;">5</div> years and in more than <div style="display: inline; font-style: italic; font: inherit;">5</div> years is <div style="display: inline; font-style: italic; font: inherit;">0.2%,</div> <div style="display: inline; font-style: italic; font: inherit;">2.5%</div> and <div style="display: inline; font-style: italic; font: inherit;">97.3%</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the net unrecognized deferred tax assets amount to <div style="display: inline; font-style: italic; font: inherit;">$121.2</div> million. The expiration dates of the unrecognized tax losses less than <div style="display: inline; font-style: italic; font: inherit;">1</div> year, between <div style="display: inline; font-style: italic; font: inherit;">2</div> and <div style="display: inline; font-style: italic; font: inherit;">5</div> years and more than <div style="display: inline; font-style: italic; font: inherit;">5</div> years is approximately <div style="display: inline; font-style: italic; font: inherit;">2.8%,</div> <div style="display: inline; font-style: italic; font: inherit;">20.2%</div> and <div style="display: inline; font-style: italic; font: inherit;">77%.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The estimated recovery analysis of deferred tax assets and deferred tax liabilities is as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Deferred tax assets to be recovered after 12 months</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(538,274</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(452,330</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred tax liabilities to be settled after 12 months</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">766,852</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">739,670</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred income tax assets and liabilities are offset when (<div style="display: inline; font-style: italic; font: inherit;">1</div>) there is a legally enforceable right to set-off current tax assets against current tax liabilities and (<div style="display: inline; font-style: italic; font: inherit;">2</div>) when the deferred income taxes relate to the same fiscal authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Deferred tax assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(225,680</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(181,606</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">336,982</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">379,039</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,302</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">197,433</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The movement in the net deferred income tax liability account is as follows:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">197,433</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,438</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">823</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,100</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,171</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,847</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Charged directly to Other Comprehensive Income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(838</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,898</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement credit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(113,897</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,302</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">197,433</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">24</div></div></td> <td><div style="display: inline; font-weight: bold;">Derivative financial instruments </div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic">Net fair values of derivative financial instruments</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The net fair values of derivative financial instruments, in accordance with IFRS <div style="display: inline; font-style: italic; font: inherit;">13,</div> are:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,604</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Derivatives</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">929</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,621</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with positive fair values (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,225</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,667</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Derivatives</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(311</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with negative fair values</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,115</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,753</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">(*) In <div style="display: inline; font-style: italic; font: inherit;">2018</div> includes <div style="display: inline; font-style: italic; font: inherit;">$52</div> thousand of non-current derivatives.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">Foreign exchange derivative contracts and hedge accounting</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values of exchange rate derivatives and those derivatives that were designated for hedge accounting as of <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> were as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Hedge Accounting Reserve</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Purchase currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Sell currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Term</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 14%; font-size: 10pt">MXN</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,999</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">888</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">404</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(411</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">MXN</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(576</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">ARS</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,542</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(895</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">203</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">JPY</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2030</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,149</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">BRL</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(234</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(131</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">JPY</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(190</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">271</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">KWD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">522</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">390</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">CAD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(200</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,089</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">COP</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(345</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(30</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(30</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,115</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,753</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,591</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(916</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 153 --> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic"><div style="display: inline; font-style: normal"></div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic"><div style="display: inline; font-style: normal">Following is a summary of the hedge reserve evolution:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic"><div style="display: inline; font-style: normal">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Reserve <br /> Dec-17</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Movements <br /> 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Reserve <br /> Dec-18</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Movements <br /> 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Reserve<br /> Dec-19</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Foreign Exchange</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(240</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(676</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(916</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,591</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Cash flow Hedge</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(240</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(676</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(916</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,591</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic"><div style="display: inline; font-style: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris estimates that the cash flow hedge reserve corresponding to derivatives instruments at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>will be recycled to the Consolidated Income Statement during <div style="display: inline; font-style: italic; font: inherit;">2020.</div> For information on lease liabilities, see Note <div style="display: inline; font-style: italic; font: inherit;">11.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Non-current</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Bank borrowings</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,896</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,214</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Costs of issue of debt</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,880</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,187</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Current</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Bank borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,258</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">508,143</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Bank overdrafts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,644</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Finance lease liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Costs of issue of debt</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Borrowings</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Fair value of acquired assets and liabilities:</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">SAR million</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">$ million</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Property, Plant and Equipment</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">671</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">179</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Customer relationship</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">305</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investment in associated</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Working capital</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">167</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">45</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Cash and Cash Equivalents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other Receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(304</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(81</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Employees end of service benefits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(59</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred Tax Liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Net assets acquired</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">853</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">228</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Fair value of acquired assets and liabilities:</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center">$ million</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: left">Property, Plant and Equipment</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">506</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">170</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Working capital</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and Cash Equivalents</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Borrowings</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(53</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Provisions</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(77</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net assets acquired</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">710</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Fair Value</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Hedge Accounting Reserve</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Purchase currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Sell currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Term</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 14%; font-size: 10pt">MXN</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,999</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">888</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">404</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(411</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">MXN</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(576</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">ARS</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,542</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(895</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">203</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">JPY</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2030</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,149</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">BRL</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(234</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(131</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">JPY</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(190</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">271</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">KWD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">522</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">390</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">CAD</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(200</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,089</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">COP</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(345</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2020</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(30</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(30</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,115</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,753</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,591</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(916</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Land and <br /> civil <br /> buildings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industrial <br /> buildings, <br /> plant and <br /> production <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vehicles, <br /> furniture <br /> and <br /> fixtures</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Work in <br /> progress</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Spare <br /> parts and <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 22%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">732,578</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,121,569</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,260</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,378</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,197</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,421,982</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,611</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38,961</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,615</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(864</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(256</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,307</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,468</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,908</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,733</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,630</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">178,739</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,178</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,107</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">299,412</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,202</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">313,915</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Disposals / Consumptions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(35</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27,153</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,110</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,120</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,557</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38,975</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transfers / Reclassifications</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,723</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">296,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,349</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(317,128</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,984</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,232</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">799,139</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,468,813</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">399,724</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">108,308</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,602</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,836,586</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Depreciation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,914</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,936,900</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,260</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,074</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(420</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(24,973</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,485</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,878</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,409</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">415,826</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,080</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">447,315</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(362</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(400</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Disposals / Consumptions</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(73</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(25,580</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,889</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(31,542</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,468</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,302,135</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">322,966</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,746,569</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">677,671</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,166,678</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76,758</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">108,308</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,602</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,090,017</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Land and<br /> civil <br /> buildings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industrial <br /> buildings, <br /> plant and <br /> production <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vehicles, <br /> furniture <br /> and <br /> fixtures</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Work in <br /> progress</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Spare <br /> parts and <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 22%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">712,061</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,954,585</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">370,542</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">167,079</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,413</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,246,680</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,628</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(117,977</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,458</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,269</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(424</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(131,756</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">723</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">681</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,245</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">294,163</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,756</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">317,568</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Disposals / Consumptions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(221</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,836</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,269</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(42</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,541</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(35,909</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transfers / Reclassifications</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,643</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">306,116</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,200</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(331,553</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,993</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,399</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">732,578</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,121,569</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,260</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,378</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,197</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,421,982</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Depreciation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">101,197</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,612,871</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">303,469</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,017,537</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,383</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(72,141</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,939</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(78,463</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Depreciation charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,153</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">417,229</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,083</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">449,465</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">173</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(671</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(498</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Disposals / Consumptions</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(53</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,232</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,682</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(29,967</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,914</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,936,900</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,260</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,074</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">621,664</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,184,669</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,000</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,378</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,197</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,063,908</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt">Revenues</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,899</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,496</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net income</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,848</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">Cash at the beginning</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,820</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cash at the end</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">206</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">(Decrease) Increase in cash</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,614</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">(Used in) provided by operating activities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,046</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Provided by (used in) investing activities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Used in financing activities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(15,600</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">At January 19, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">Non-current assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,332</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">69,332</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets of disposal group classified as held for sale</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,664</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Non-current liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,294</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,556</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities of disposal group classified as held for sale</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,850</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td>Dividends distribution</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">On <div style="display: inline; font-style: italic; font: inherit;"> October 30, 2019, </div>the Company&#x2019;s Board of Directors approved the payment of an interim dividend of <div style="display: inline; font-style: italic; font: inherit;">$0.13</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.26</div> per ADS), or approximately <div style="display: inline; font-style: italic; font: inherit;">$153</div> million, paid on <div style="display: inline; font-style: italic; font: inherit;"> November 20, 2019, </div>with an ex-dividend date of <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019.</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 6, 2019, </div>the Company&#x2019;s Shareholders approved an annual dividend in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.41</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.82</div> per ADS). The amount approved included the interim dividend previously paid on <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018 </div>in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.13</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.26</div> per ADS). The balance, amounting to <div style="display: inline; font-style: italic; font: inherit;">$0.28</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.56</div> per ADS), was paid on <div style="display: inline; font-style: italic; font: inherit;"> May 22, 2019. </div>In the aggregate, the interim dividend paid in <div style="display: inline; font-style: italic; font: inherit;"> November 2018 </div>and the balance paid in <div style="display: inline; font-style: italic; font: inherit;"> May 2019 </div>amounted to approximately <div style="display: inline; font-style: italic; font: inherit;">$484</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 2, 2018, </div>the Company&#x2019;s Shareholders approved an annual dividend in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.41</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.82</div> per ADS). The amount approved included the interim dividend previously paid on <div style="display: inline; font-style: italic; font: inherit;"> November 22, 2017 </div>in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.13</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.26</div> per ADS). The balance, amounting to <div style="display: inline; font-style: italic; font: inherit;">$0.28</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.56</div> per ADS), was paid on <div style="display: inline; font-style: italic; font: inherit;"> May 23, 2018. </div>In the aggregate, the interim dividend paid in <div style="display: inline; font-style: italic; font: inherit;"> November 2017 </div>and the balance paid in <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>amounted to approximately <div style="display: inline; font-style: italic; font: inherit;">$484</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 3, 2017, </div>the Company&#x2019;s Shareholders approved an annual dividend in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.41</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.82</div> per ADS). The amount approved included the interim dividend previously paid on <div style="display: inline; font-style: italic; font: inherit;"> November 23, 2016 </div>in the amount of <div style="display: inline; font-style: italic; font: inherit;">$0.13</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.26</div> per ADS). The balance, amounting to <div style="display: inline; font-style: italic; font: inherit;">$0.28</div> per share (<div style="display: inline; font-style: italic; font: inherit;">$0.56</div> per ADS), was paid on <div style="display: inline; font-style: italic; font: inherit;"> May 24, 2017. </div>In the aggregate, the interim dividend paid in <div style="display: inline; font-style: italic; font: inherit;"> November 2016 </div>and the balance paid in <div style="display: inline; font-style: italic; font: inherit;"> May 2017 </div>amounted to approximately <div style="display: inline; font-style: italic; font: inherit;">$484</div> million.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">All amounts Long / (Short) in thousands of U.S. dollars</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">As of December 31,</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Currency Exposure / Functional currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Argentine Peso / U.S. Dollar</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(95,811</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(186,867</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Euro / U.S. Dollar</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(103,518</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(175,419</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Saudi Arabian Riyal / U. S. Dollar</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(107,582</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td>Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="6" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Wages, salaries and social security costs</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,274,474</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,250,783</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,144,341</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Severance indemnities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,225</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Defined contribution plans</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,663</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,217</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,401</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Pension benefits - defined benefit plans</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,207</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,390</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,066</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Employee retention and long term incentive program</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,134</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,353</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,441</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,352,115</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,325,968</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,221,746</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(853</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,352,115</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,325,968</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,220,893</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The following table shows the geographical distribution of the employees:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 1pt solid">Country</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt">Argentina</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,405</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,427</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,221</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Mexico</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,370</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,595</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,139</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">USA</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,255</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,382</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,953</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Italy</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,144</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,155</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,088</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Romania</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,815</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,852</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,870</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Brazil</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,360</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,287</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,382</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Colombia</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,040</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,082</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,003</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Canada</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,030</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">919</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Indonesia</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">616</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">506</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Japan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">399</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">410</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,023</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,204</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,114</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,200</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,967</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,605</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1</div></div></td> <td><div style="display: inline; font-weight: bold;">Segment information</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As mentioned in section II. AP &#x2013; C, the Segment Information is disclosed as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Reportable operating segments </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(All amounts in millions of U.S. dollars)</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Tubes</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Continuing operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,870</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">424</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,294</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">857</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">73</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">929</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Difference in cost of sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(105</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(102</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Differences in depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">755</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">832</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Financial income (expense), net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">852</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">934</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Capital expenditures</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">338</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">350</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">540</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Tubes</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Continuing operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,233</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">426</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,659</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">702</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">783</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Difference in cost of sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Differences in depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(34</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(34</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in selling, general and administrative expenses</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">777</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">872</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Financial income (expense), net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">909</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,103</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Capital expenditures</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">346</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">349</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">645</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">664</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">Year ended December 31, 2017</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Tubes</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Continuing operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,966</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">323</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,289</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">163</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Difference in cost of sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">164</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">165</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Differences in depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">43</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">335</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Financial income (expense), net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">312</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Capital expenditures</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">550</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">558</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">594</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap, energy, surplus raw materials and others from the Other segment to the Tubes segment for <div style="display: inline; font-style: italic; font: inherit;">$36,</div> <div style="display: inline; font-style: italic; font: inherit;">$52</div> and <div style="display: inline; font-style: italic; font: inherit;">$53</div> million in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> material differences between total reportable segments&#x2019; revenues and the entity&#x2019;s revenue under IFRS.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The main differences between operating income under IFRS view and the management view are mainly related to the cost of goods sold and other timing differences. See Section II. A. C. Segment Information.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In addition to the amounts reconciled above, the main differences in net income arise from the impact of functional currencies on financial result, deferred income taxes as well as the result of investment in non-consolidated companies and changes on the valuation of inventories according to cost estimation internally defined.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <!-- Field: Page; Sequence: 135 --> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Geographical information</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">North America</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">South America</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Europe</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Middle East &amp; Africa</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Asia Pacific</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unallocated (*)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total continuing operations</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total discontinued operations</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; font-size: 10pt; text-align: justify">Net sales</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,429,911</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,391,288</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">738,880</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,382,172</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">351,804</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,294,055</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,885,120</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,227,044</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,282,775</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">958,424</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609,663</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">879,965</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,842,991</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,809</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">176,173</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">149,321</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">319,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">90,451</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property, plant and equipment, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,771,570</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,129,260</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">816,721</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,858</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117,608</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,090,017</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital expenditures</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">169,390</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,999</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,169</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,578</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,038</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">350,174</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">276,046</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,308</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,520</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,247</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,521</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Net sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,611,509</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,462,044</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,733</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,559,988</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,314</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,658,588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,971,311</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,489,522</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,913,589</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">588,746</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">482,563</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,251,299</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">791,190</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">280,801</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">215,202</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">383,358</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,815</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property, plant and equipment, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,859,060</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,133,113</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">848,178</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,040</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">129,517</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,063,908</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital expenditures</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">196,220</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,603</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,467</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,047</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,136</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">349,473</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,705</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">108,558</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,769</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,389</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,936</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">664,357</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2017</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Net sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,451,357</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,142,142</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">545,777</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">937,439</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">211,789</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,288,504</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,899</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,925,520</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,975,599</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,002,658</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">391,029</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,546</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">661,866</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,398,218</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">582,204</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,877</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,944</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">135,524</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,511</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,214,060</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property, plant and equipment, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,914,229</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,190,145</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">878,788</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">102,481</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">143,500</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,229,143</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital expenditures</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">430,142</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">58,949</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">57,285</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,562</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,153</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">558,091</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">145</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">354,091</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">126,273</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,900</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,094</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,282</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">608,640</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(*) For <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2018</div> includes Investments in non-consolidated companies, for <div style="display: inline; font-style: italic; font: inherit;">2017</div> includes Investments in non-consolidated companies and Other equity investments for <div style="display: inline; font-style: italic; font: inherit;">$21.6</div> million. See Note <div style="display: inline; font-style: italic; font: inherit;">12</div> and <div style="display: inline; font-style: italic; font: inherit;">33.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> revenues from external customers attributable to the Company&#x2019;s country of incorporation (Luxembourg). For geographical information purposes, &#x201c;North America&#x201d; comprises Canada, Mexico and the USA (<div style="display: inline; font-style: italic; font: inherit;">31%</div>); &#x201c;South America&#x201d; comprises principally Argentina (<div style="display: inline; font-style: italic; font: inherit;">12%</div>), Brazil and Colombia; &#x201c;Europe&#x201d; comprises principally Italy, Romania and United Kingdom; &#x201c;Middle East and Africa&#x201d; comprises principally Egypt, Kazakhstan, Nigeria, India and Saudi Arabia and; &#x201c;Asia Pacific&#x201d; comprises principally China, Japan, Indonesia and Thailand.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is <div style="display: inline; font-style: italic; font: inherit;">no</div> unfulfilled performance obligation that could affect the acceptance of the product by the customer. Tenaris&#x2019;s revenues related to governmental institutions represents approximately <div style="display: inline; font-style: italic; font: inherit;">21%,</div> <div style="display: inline; font-style: italic; font: inherit;">15%</div> and <div style="display: inline; font-style: italic; font: inherit;">17%</div> in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tubes segment revenues by market:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid">Revenues Tubes&nbsp;&nbsp;(in million US dollar)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Oil and Gas</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,757</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,042</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,034</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Hydrocarbon Processing and Power Generation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">534</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">602</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">484</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Industrial and Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">579</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">589</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">448</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">Total</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,870</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,233</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,966</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">At <div style="display: inline; font-style: italic; font: inherit;"> December 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> the Company recognized contract liabilities related to customer advances in the amount of <div style="display: inline; font-style: italic; font: inherit;">$82.7,</div> <div style="display: inline; font-style: italic; font: inherit;">$62.7</div> and <div style="display: inline; font-style: italic; font: inherit;">$56.7</div> million, respectively. These amounts related to years <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> were reclassified to revenues during the subsequent year. In these periods, <div style="display: inline; font-style: italic; font: inherit;">no</div> significant adjustment in revenues were performed related to performance obligations previously satisfied.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">35</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Subsequent events</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Acquisition of IPSCO Tubulars, Inc.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Acquisition</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 2, 2020, </div>Tenaris acquired <div style="display: inline; font-style: italic; font: inherit;">100%</div> of the shares of IPSCO Tubulars, Inc. (&#x201c;IPSCO&#x201d;), a U.S. manufacturer of steel pipes, from PAO TMK (&#x201c;TMK&#x201d;). The acquisition price was determined on a cash-free, debt-free basis, and the amount paid in cash at the closing, following contractual adjustments for cash, indebtedness, working capital and certain other items as estimated by the seller as of the closing date, was <div style="display: inline; font-style: italic; font: inherit;">$1,067</div> million. The final acquisition price is subject to a contractual true-up adjustment based on actual amounts of cash, indebtedness, working capital and certain other items as of the closing date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">IPSCO&#x2019;s facilities are located mainly in the midwestern and northeastern regions of the country. IPSCO&#x2019;s steel shop in Koppel, Pennsylvania, is Tenaris&#x2019;s <div style="display: inline; font-style: italic; font: inherit;">first</div> in the United States, providing vertical integration through domestic production of a relevant part of its steel bar needs. Its Ambridge, Pennsylvania, mill adds a <div style="display: inline; font-style: italic; font: inherit;">second</div> seamless manufacturing facility and complements Tenaris&#x2019;s seamless plant in Bay City, Texas.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In connection with the closing of the transaction, the parties entered into a <div style="display: inline; font-style: italic; font: inherit;">6</div>-year master distribution agreement (the &#x201c;MDA&#x201d;) whereby, beginning on <div style="display: inline; font-style: italic; font: inherit;"> January 2, 2020, </div>Tenaris will be the exclusive distributor of TMK&#x2019;s OCTG and line pipe products in United States and Canada. At the end of the MDA&#x2019;s <div style="display: inline; font-style: italic; font: inherit;">6</div>-years term, TMK will have the option to extend the duration of its term for an additional <div style="display: inline; font-style: italic; font: inherit;">12</div> months. Under the MDA, Tenaris is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company will begin consolidating IPSCO&#x2019;s balances and results of operations as from <div style="display: inline; font-style: italic; font: inherit;"> January 2, 2020. </div>The Company has retained a <div style="display: inline; font-style: italic; font: inherit;">third</div> party expert to estimate the purchase price allocation. As of the date of publication of these Consolidated Financial Statements, the purchase price allocation is still in progress.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The short period of time between the acquisition date and the date of approval of these Consolidated Financial Statements, as well as the considerable size and complexity of the acquired business, makes it impracticable for the Company to provide all disclosures required by IFRS <div style="display: inline; font-style: italic; font: inherit;">3</div> applicable to a business combination that occurred subsequent to year end.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Following the preparation of the initial purchase price allocation, the Company will continue its review and will make any necessary adjustments during the following <div style="display: inline; font-style: italic; font: inherit;">12</div> months, in accordance with IFRS <div style="display: inline; font-style: italic; font: inherit;">3.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assets / Liabilities</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,985</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,409</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Addition / (Decrease)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,933</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,768</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Currency translation adjustment and others</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(337</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(192</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; text-align: left">At the end of the year</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,581</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,985</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,438</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(145,692</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,137</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,514</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Return on plan assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,018</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,936</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Remeasurements</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,507</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,967</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Contributions paid to the plan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,589</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,108</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Benefits paid from the plan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,259</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,453</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">270</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">364</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(145,160</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,438</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Equity instruments</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53.5</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Debt instruments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6</div></div></td> <td><div style="display: inline; font-weight: bold;">Financial results </div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 22.5pt; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 55%; font-size: 10pt; text-align: justify">Interest Income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,061</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,244</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,525</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt; font-size: 10pt; text-align: justify">Net result on changes in FV of financial assets at FVPL</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(64</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,388</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,920</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Finance income (*)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,997</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,856</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,605</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Finance cost</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,381</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(36,942</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27,072</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: justify">Net foreign exchange transactions results (**)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,868</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,845</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(48,955</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: justify">Foreign exchange derivatives contracts results (***)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,616</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,576</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,996</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,585</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,035</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,392</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Other financial results</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,667</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,386</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,559</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Net financial results</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,283</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,300</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23,026</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,283</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,300</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23,017</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">(*) Finance Income: </div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2018</div> includes <div style="display: inline; font-style: italic; font: inherit;">$7.6</div> and <div style="display: inline; font-style: italic; font: inherit;">$3.6</div> million of interest related to instruments carried at FVPL, respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(**) <div style="display: inline; font-style: italic;">Net foreign exchange transactions results:</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;">2019</div> mainly includes the result from the Argentine peso depreciation against the U.S. dollar on Peso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;">2018</div> mainly includes the result from the Argentine peso depreciation against the U.S. dollar on Peso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar, together with the positive impact from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. Dollar, largely offset by an increase in currency translation adjustment reserve from our Italian subsidiary.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;">2017</div> mainly includes the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. Dollar, largely offset by an increase in currency translation adjustment reserve from our Italian subsidiary.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(***) <div style="display: inline; font-style: italic;">Foreign exchange derivatives contracts results:</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;">2019</div> includes mainly losses on derivatives covering net payables in Argentine peso and in Euros and net receivables in Canadian dollar.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;">2018</div> includes mainly gain on derivatives covering net receivables in Canadian dollar.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;">2017</div> includes mainly losses on derivatives covering net receivables in Brazilian real and Canadian dollar and net payables in Argentine peso, partially offset by gains on derivatives covering net payables in Euro.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center">As of December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount in thousands of U.S. dollars</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount in thousands of U.S. dollars</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Fixed rate (*)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">768,002</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">520,471</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Variable rate</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,150</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,536</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Total</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in">iii. Financial risk management</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The multinational nature of Tenaris&#x2019;s operations and customer base exposes the Company to a variety of risks, mainly related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk and capital market risk. In order to manage the volatility related to these exposures, management evaluates exposures on a consolidated basis, taking advantage of exposure netting. The Company or its subsidiaries <div style="display: inline; font-style: italic; font: inherit;"> may </div>then enter into various derivative transactions in order to prevent potential adverse impacts on Tenaris&#x2019;s financial performance. Such derivative transactions are executed in accordance with internal policies and hedging practices.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">A. Financial Risk Factors</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(i)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Capital Risk Management</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates. The year-end ratio of debt to total equity (where &#x201c;debt&#x201d; comprises financial borrowings and &#x201c;total equity&#x201d; is the sum of financial borrowings and equity) is <div style="display: inline; font-style: italic; font: inherit;">0.06</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">0.04</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018. </div>The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have to comply with regulatory capital adequacy requirements.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: justify; text-indent: 0in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(ii)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Foreign exchange risk</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. Since the Company&#x2019;s functional currency is the U.S. dollar the purpose of Tenaris&#x2019;s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&#x2019;s exposure to currency fluctuations is reviewed on a periodic consolidated basis. A number of derivative transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges. Almost all of these transactions are forward exchange rates contracts. See Note <div style="display: inline; font-style: italic; font: inherit;">24.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris does <div style="display: inline; font-style: italic; font: inherit;">not</div>&nbsp;enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In the case of subsidiaries with functional currencies other than the U.S. dollar, the results of hedging activities, reported in accordance with IFRS, <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> reflect entirely the management&#x2019;s assessment of its foreign exchange risk hedging program. Intercompany balances between Tenaris&#x2019;s subsidiaries <div style="display: inline; font-style: italic; font: inherit;"> may </div>generate financial gains (losses) to the extent that functional currencies differ.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The value of Tenaris&#x2019;s financial assets and liabilities is subject to changes arising from the variation of foreign currency exchange rates. The following table provides a breakdown of Tenaris&#x2019;s main financial assets and liabilities (including foreign exchange derivative contracts) which impact the Company&#x2019;s profit and loss as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">All amounts Long / (Short) in thousands of U.S. dollars</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">As of December 31,</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Currency Exposure / Functional currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Argentine Peso / U.S. Dollar</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(95,811</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(186,867</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Euro / U.S. Dollar</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(103,518</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(175,419</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Saudi Arabian Riyal / U. S. Dollar</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(107,582</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The main relevant exposures correspond to:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Argentine Peso / U.S. dollar</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 14.2pt; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> consisting primarily of Argentine Peso-denominated financial, trade, social and fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of <div style="display: inline; font-style: italic; font: inherit;">1%</div> in the ARS/USD exchange rate would have generated a pre-tax gain / loss of <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million and <div style="display: inline; font-style: italic; font: inherit;">$1.9</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 129 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(ii)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Foreign exchange risk (Cont.)</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Euro / U.S. dollar</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. dollar. A change of <div style="display: inline; font-style: italic; font: inherit;">1%</div> in the EUR/USD exchange rate would have generated a pre-tax gain / loss of <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million and <div style="display: inline; font-style: italic; font: inherit;">$1.3</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> respectively, which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&#x2019;s net equity position.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Saudi Arabian Riyal / U. S. Dollar</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>consisting primarily of Saudi Arabian Riyal-denominated financial and trade payables. The Saudi Arabian Riyal is tied to the dollar.</div> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Considering the balances held as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous <div style="display: inline; font-style: italic; font: inherit;">1%</div> appreciation / depreciation movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain / loss of <div style="display: inline; font-style: italic; font: inherit;">$4.6</div> million (including a loss / gain of <div style="display: inline; font-style: italic; font: inherit;">$4.9</div> million due to foreign exchange derivative contracts), which would be partially offset by changes to Tenaris&#x2019;s net equity position of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million. For balances held as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>a simultaneous <div style="display: inline; font-style: italic; font: inherit;">1%</div> favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of <div style="display: inline; font-style: italic; font: inherit;">$3.6</div> million (including a loss / gain of <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million due to foreign exchange derivative contracts), which would have been partially offset by changes to Tenaris&#x2019;s net equity position of <div style="display: inline; font-style: italic; font: inherit;">$1.9</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company entered into foreign exchange derivative contracts to mitigate the exposure to fluctuations in exchange rates.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(iii)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Interest rate risk</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris is subject to interest rate risk on its investment portfolio and its debt. The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>choose to enter into foreign exchange derivative contracts and / or interest rate swaps to mitigate the exposure to changes in the interest rates.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The following table summarizes the proportions of variable-rate and fixed-rate debt as of each year end.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center">As of December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount in thousands of U.S. dollars</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount in thousands of U.S. dollars</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Fixed rate (*)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">768,002</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">520,471</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Variable rate</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,150</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,536</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Total</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(*) Out of the <div style="display: inline; font-style: italic; font: inherit;">$768</div> million fixed rate borrowings, <div style="display: inline; font-style: italic; font: inherit;">$728</div> million are short-term.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company estimates that, if market interest rates applicable to Tenaris&#x2019;s borrowings had been <div style="display: inline; font-style: italic; font: inherit;">100</div> basis points higher, then the additional pre-tax loss would have been <div style="display: inline; font-style: italic; font: inherit;">$7.7</div> million in <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">$8.2</div> million in <div style="display: inline; font-style: italic; font: inherit;">2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(iv)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Credit risk</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">There is <div style="display: inline; font-style: italic; font: inherit;">no</div> significant concentration of credit risk from customers. <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div> </div></div>single customer comprised more than <div style="display: inline; font-style: italic; font: inherit;">10%</div> of Tenaris&#x2019;s net sales in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&#x2019;s credit policies related to sales of products and services are designed to identify customers with acceptable credit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to minimize credit risks <div style="display: inline; color: black">whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses.</div> See Section II J.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 130 --> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> trade receivables amount to <div style="display: inline; font-style: italic; font: inherit;">$1,348.2</div> million and <div style="display: inline; font-style: italic; font: inherit;">$1,737.4</div> million respectively. Trade receivables have guarantees under credit insurance of <div style="display: inline; font-style: italic; font: inherit;">$178.7</div> million and <div style="display: inline; font-style: italic; font: inherit;">$181.7</div> million, letter of credit and other bank guarantees of <div style="display: inline; font-style: italic; font: inherit;">$55.2</div> million and <div style="display: inline; font-style: italic; font: inherit;">$62.3</div> million, and other guarantees of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million and <div style="display: inline; font-style: italic; font: inherit;">$42.2</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> overdue trade receivables amounted to <div style="display: inline; font-style: italic; font: inherit;">$242.7</div> million and <div style="display: inline; font-style: italic; font: inherit;">$368.4</div> million, respectively. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> overdue guaranteed trade receivables amounted to <div style="display: inline; font-style: italic; font: inherit;">$28.7</div> million and <div style="display: inline; font-style: italic; font: inherit;">$31.5</div> million; and the allowance for doubtful accounts amounted to <div style="display: inline; font-style: italic; font: inherit;">$48.8</div> million and <div style="display: inline; font-style: italic; font: inherit;">$66.5</div> million respectively. Both the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(v)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Counterparty risk</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">Approximately <div style="display: inline; font-style: italic; font: inherit;">96%</div> of Tenaris&#x2019;s liquid financial assets correspond to Investment Grade-rated instruments as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>in comparison with approximately <div style="display: inline; font-style: italic; font: inherit;">83%</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018.</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(vi)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Liquidity risk</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris financing strategy aims to maintain adequate financial resources and access to additional liquidity. During <div style="display: inline; font-style: italic; font: inherit;">2019,</div> Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has appropriate access to market for short-term working capital needs.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were <div style="display: inline; font-style: italic; font: inherit;">12%</div> of total assets at the end of <div style="display: inline; font-style: italic; font: inherit;">2019</div> compared to <div style="display: inline; font-style: italic; font: inherit;">7%</div> at the end of <div style="display: inline; font-style: italic; font: inherit;">2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has a conservative approach to the management of its liquidity, which consists of i)&nbsp;cash and cash equivalents (cash in banks, liquidity funds and investments&nbsp;with a&nbsp;maturity of less than <div style="display: inline; font-style: italic; font: inherit;">three</div> months&nbsp;at the date of purchase), and ii) Other Investments (fixed income securities, time deposits, and fund investments).</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade issuers. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> Tenaris does <div style="display: inline; font-style: italic; font: inherit;">not</div> have direct exposure to financial instruments issued by European sovereign counterparties.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris holds its investments primarily in U.S. dollars. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> U.S. dollar denominated liquid assets represented approximately <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">95%</div></div> of total liquid financial assets.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(vii)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Commodity price risk</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically <div style="display: inline; font-style: italic; font: inherit;">not</div> in excess of <div style="display: inline; font-style: italic; font: inherit;">one</div> year, in general Tenaris does <div style="display: inline; font-style: italic; font: inherit;">not</div> hedge this risk. </div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 131 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">B. Category of financial instruments and classification within the fair value hierarchy</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through other comprehensive income and fair value through profit and loss.For financial instruments that are measured in the statement of financial position at fair value, IFRS <div style="display: inline; font-style: italic; font: inherit;">13,</div> &#x201c;Fair value measurement&#x201d; requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">1</div> - Quoted prices (unadjusted) in active markets for identical assets or liabilities.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">2</div> - Inputs other than quoted prices included within Level <div style="display: inline; font-style: italic; font: inherit;">1</div> that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">3</div> - Inputs for the asset or liability that are <div style="display: inline; font-style: italic; font: inherit;">not</div> based on observable market data (that is, unobservable inputs).</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">The following tables present the financial instruments by category and levels as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Measurement Categories</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At Fair Value</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">December 31, 2019</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying <br />amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVOCI</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVPL</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,299</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">387,602</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,697</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,697</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">210,376</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134,990</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,512</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Fixed income (time-deposit, zero coupon bonds, commercial papers)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Certificates of deposits</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,637</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Commercial papers</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,993</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,993</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other notes</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,244</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,244</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134,990</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,512</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,211</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,211</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,211</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Non - U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,637</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,125</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,512</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Corporates securities</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,654</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,654</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,654</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,934</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other investments</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC (*)</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,678</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,239</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other receivables</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">141,898</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,239</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Other receivables (non-financial)</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,780</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,894,875</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">211,173</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,193,548</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,319,699</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,441</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,581</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">555,887</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">555,887</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Finance Lease Liabilities C and NC</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">230,167</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">230,167</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,608,206</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(*) Includes balances related to interest in our Venezuelan companies. See Note <div style="display: inline; font-style: italic; font: inherit;">33.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 132 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Measurement Categories</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At Fair Value</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">December 31, 2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVOCI</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVPL</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,361</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">268,163</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,198</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,198</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">487,734</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">166,094</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,230</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,165</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Fixed income (time-deposit, zero coupon bonds, commercial papers)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Certificates of deposits</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">198,912</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">198,912</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Commercial papers</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,932</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,932</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other notes</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,566</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,566</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">187,324</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">166,094</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,230</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,165</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,077</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,077</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,077</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Non - U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,912</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,912</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,912</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Corporates securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">142,176</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,105</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,071</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">142,176</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Structured notes</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,173</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,173</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,173</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,155</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other investments</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC (*)</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">307,790</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,474</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,711</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other receivables</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">188,185</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,474</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,711</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Other receivables (non-financial)</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,605</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,445,413</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">328,635</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,927</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">442,193</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,384</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,985</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,673</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,673</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,232,680</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(*) Includes balances related to interest in our Venezuelan companies. See Note <div style="display: inline; font-style: italic; font: inherit;">33.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">There were <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div> </div>transfers between levels during the year.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm&#x2019;s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These instruments are included in Level <div style="display: inline; font-style: italic; font: inherit;">1</div> and comprise primarily corporate and sovereign debt securities.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The fair value of financial instruments that are <div style="display: inline; font-style: italic; font: inherit;">not</div> traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than <div style="display: inline; font-style: italic; font: inherit;">three</div> months, forward and interest rate derivative instruments) is determined by using valuation techniques which maximize the use of observable market data when available and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the instrument is included in Level <div style="display: inline; font-style: italic; font: inherit;">2.</div> Tenaris values its assets and liabilities included in this level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market contributors as of the valuation date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If <div style="display: inline; font-style: italic; font: inherit;">one</div> or more of the significant inputs are <div style="display: inline; font-style: italic; font: inherit;">not</div> based on observable market data, the instruments are included in Level <div style="display: inline; font-style: italic; font: inherit;">3.</div> Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company&#x2019;s best estimate on how market participants would price the asset or liability at measurement date. Main balances included in this level correspond to the Company interest in Venezuelan companies. See Note <div style="display: inline; font-style: italic; font: inherit;">33.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 133 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The following table presents the changes in Level <div style="display: inline; font-style: italic; font: inherit;">3</div> assets and liabilities:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assets / Liabilities</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,985</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,409</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Addition / (Decrease)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,933</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,768</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Currency translation adjustment and others</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(337</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(192</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; text-align: left">At the end of the year</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,581</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,985</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">C. Fair value estimation </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is <div style="display: inline; font-style: italic; font: inherit;">not</div> active or <div style="display: inline; font-style: italic; font: inherit;">no</div> market is available, fair values are established using standard valuation techniques.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are observable in the market or can be derived from or corroborated by observable data. The fair value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value of its main financial liabilities is approximately <div style="display: inline; font-style: italic; font: inherit;">100.0%</div> of its carrying amount including interests accrued in <div style="display: inline; font-style: italic; font: inherit;">2019</div> as compared with <div style="display: inline; font-style: italic; font: inherit;">99.3%</div> in <div style="display: inline; font-style: italic; font: inherit;">2018.</div> Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting flows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The carrying amount of investments valuated at amortized cost approximates its fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">D. Accounting for derivative financial instruments and hedging activities</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools are used for calculation of each instrument&#x2019;s fair value and these tools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates matching the nature of each underlying risk.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in <div style="display: inline; font-style: italic;">Financial Results</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris designates certain derivatives and non derivative financial liabilities (leasing liabilities denominated in Japanese Yen) as hedges of particular risks associated with recognized assets or liabilities or highly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Similarly the effective portion of the foreign exchange result on the designated leasing liability is recognized in equity Amounts accumulated in equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Tenaris&#x2019;s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial position. The lease liability will be recognized on the balance sheet at each period end at the exchange rate as of the end of each month. The full fair value of a hedging derivative and the leasing liability is classified as a current or non-current asset or liability according to its expiry date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the hedging instrument are highly effective in offsetting changes in the fair value or cash flow of hedged items. At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> the effective portion of designated cash flow hedges which is included in <div style="display: inline; font-style: italic;">Other Reserves</div> in equity amounts to <div style="display: inline; background-color: white"><div style="display: inline; font-style: italic; font: inherit;">$2.6</div></div> million credit and <div style="display: inline; font-style: italic; font: inherit;">$0.9</div> million debit respectively. See Note <div style="display: inline; font-style: italic; font: inherit;">24.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The fair values of various derivative instruments used for hedging purposes and the movements of the hedging reserve included within <div style="display: inline; font-style: italic;">Other Reserves</div> in equity are disclosed in Note <div style="display: inline; font-style: italic; font: inherit;">24.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td>Selling, general and administrative expenses</td> </tr> </table> <div style=" margin: 0pt 0 0pt 22.3pt; font-size: 10pt; font-weight: bold">&nbsp;&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: justify">Services and fees</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">153,773</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,090</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,301</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Labor cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">481,854</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">470,928</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">443,338</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,524</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,968</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,979</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Amortization of intangible assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,967</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">206,672</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">188,550</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,564</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Commissions, freight and other selling expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,442</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">491,555</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">339,759</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Provisions for contingencies</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,565</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,498</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,664</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Allowances for doubtful accounts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,256</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,751</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,421</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Taxes</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,876</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,110</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,826</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,665</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">99,404</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,061</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,365,974</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,509,976</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,272,057</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,041</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,365,974</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,509,976</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,270,016</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; text-transform: uppercase"><div style="display: inline; font-weight: bold;">I. GENERAL INFORMATION</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris S.A. (the &#x201c;Company&#x201d;) was established as a public limited liability company (<div style="display: inline; font-style: italic;">societ&eacute; anonyme</div>) under the laws of the Grand-Duchy of Luxembourg on <div style="display: inline; font-style: italic; font: inherit;"> December 17, 2001. </div>The Company holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these Consolidated Financial Statements to &#x201c;Tenaris&#x201d; refer to the Company and its consolidated subsidiaries. A list of the principal Company&#x2019;s subsidiaries is included in Note <div style="display: inline; font-style: italic; font: inherit;">32</div> to these Consolidated Financial Statements.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company&#x2019;s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; the Company&#x2019;s American Depositary Securities (&#x201c;ADS&#x201d;) trade on the New York Stock Exchange.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">These Consolidated Financial Statements were approved for issuance by the Company&#x2019;s Board of Directors on <div style="display: inline; font-style: italic; font: inherit;"> February 19, 2020.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">North America</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">South America</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Europe</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Middle East &amp; Africa</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Asia Pacific</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unallocated (*)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total continuing operations</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total discontinued operations</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; font-size: 10pt; text-align: justify">Net sales</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,429,911</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,391,288</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">738,880</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,382,172</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">351,804</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,294,055</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 4%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,885,120</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,227,044</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,282,775</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">958,424</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609,663</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">879,965</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,842,991</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,809</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">176,173</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">149,321</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">319,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">90,451</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property, plant and equipment, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,771,570</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,129,260</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">816,721</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,858</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117,608</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,090,017</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital expenditures</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">169,390</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,999</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,169</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,578</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,038</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">350,174</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">276,046</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,308</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,520</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,247</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,521</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Net sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,611,509</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,462,044</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,733</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,559,988</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,314</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,658,588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,971,311</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,489,522</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,913,589</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">588,746</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">482,563</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,251,299</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">791,190</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">280,801</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">215,202</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">383,358</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,815</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property, plant and equipment, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,859,060</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,133,113</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">848,178</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,040</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">129,517</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,063,908</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital expenditures</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">196,220</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,603</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,467</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,047</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,136</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">349,473</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,705</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">108,558</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,769</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,389</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,936</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">664,357</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2017</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Net sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,451,357</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,142,142</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">545,777</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">937,439</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">211,789</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,288,504</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,899</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,925,520</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,975,599</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,002,658</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">391,029</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,546</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">661,866</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,398,218</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">582,204</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,877</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,944</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">135,524</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,511</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,214,060</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Property, plant and equipment, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,914,229</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,190,145</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">878,788</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">102,481</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">143,500</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,229,143</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Capital expenditures</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">430,142</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">58,949</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">57,285</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,562</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,153</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">558,091</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">145</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">354,091</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">126,273</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,900</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,094</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,282</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">608,640</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.3pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7</div></div></td> <td><div style="display: inline; font-weight: bold;">Income tax</div></td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Current tax</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">299,692</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">343,104</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">184,016</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Deferred tax</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(113,897</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(100,432</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,584</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(100,720</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">The tax on Tenaris&#x2019;s income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; width: 55%; font-size: 10pt; text-align: left">Income before income tax</td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">933,710</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,103,107</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">427,711</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Tax calculated at the tax rate in each country</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,752</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">207,422</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,456</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of currency translation on tax base</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,296</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,552</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(922</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Changes in the tax rates</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,824</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(62,968</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Utilization of previously unrecognized tax losses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(547</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Tax revaluation, withholding tax and others</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(37,036</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(57,591</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,298</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">Tax charge</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Effect of currency translation on tax base,</div> Tenaris applies the liability method to recognize deferred income tax on temporary differences between the tax bases of assets/liabilities and their carrying amounts in the financial statements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax basis in subsidiaries (mainly Argentina and Mexico), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax bases of the relevant assets will <div style="display: inline; font-style: italic; font: inherit;">not</div> result in any deduction / obligation for tax purposes in future periods.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Tax revaluation, withholding tax and others, </div>mainly includes a net tax income of <div style="display: inline; font-style: italic; font: inherit;">$66</div> and <div style="display: inline; font-style: italic; font: inherit;">$65</div> million for <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2018</div> respectively related to the tax revaluation regime in Argentina and Mexico; it also includes a charge of <div style="display: inline; font-style: italic; font: inherit;">$34</div> and <div style="display: inline; font-style: italic; font: inherit;">$26</div> million for <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2018</div> respectively related to withholding taxes for intra group international operations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Changes in the tax rates</div>, in <div style="display: inline; font-style: italic; font: inherit;">2017</div> it includes mainly the effect of the changes in tax rate in Argentine and US subsidiaries for approximately <div style="display: inline; font-style: italic; font: inherit;">$46</div> million and <div style="display: inline; font-style: italic; font: inherit;">$15</div> million respectively.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="5" style="font-size: 10pt">(All amounts in million US dollar)</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">As of December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes Segment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Other Segment</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">CGU</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maverick<br /> Acquisition</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hydril <br /> Acquisition</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maverick <br /> Acquisition</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-right: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left">OCTG (USA)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Tamsa (Hydril and other)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">346</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">365</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Siderca (Hydril and other)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">265</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">358</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Hydril</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">309</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">309</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Confab</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Coiled Tubing</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">920</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">171</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,320</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10</div></div></td> <td><div style="display: inline; font-weight: bold;">Intangible assets, net</div></td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Information <br /> system projects</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Licenses,<br /> patents and<br /> trademarks (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Goodwill</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Customer<br /> relationships</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 35%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,622</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">464,571</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,085,936</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,058,859</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,189,988</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(70</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(968</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,955</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations (**)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">405</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,869</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,192</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">114,466</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,487</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,259</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,665</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,665</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,062</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,531</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,593</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">604,870</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">463,742</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,117,837</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,140,051</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,326,500</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">513,984</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,466</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,038,981</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,724,023</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,734</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,734</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Amortization charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,937</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">719</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,259</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,915</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,850</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(413</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,263</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">536,337</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,772</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,057,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,764,941</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,533</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,970</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,320,245</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,811</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,561,559</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Information <br /> system projects</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Licenses,<br /> patents and<br /> trademarks (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Goodwill</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Customer<br /> relationships</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 35%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">560,692</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">465,963</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,090,073</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,058,859</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,175,587</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,153</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(183</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,137</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,473</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,632</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">273</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,905</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,493</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,493</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(56</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,482</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,538</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,622</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">464,571</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,085,936</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,058,859</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,189,988</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">478,946</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,746</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,865,444</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,514,728</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,551</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,551</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Amortization charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,635</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">720</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">173,537</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,892</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">513,984</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,466</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,038,981</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,724,023</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,638</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,105</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,288,344</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,878</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,465,965</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(*) Includes Proprietary Technology.</div> <div style=" margin: 0pt 0; font-size: 10pt">(**) Related to SSP acquisition.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The geographical allocation of goodwill for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">$1,168.4</div> million for North America, <div style="display: inline; font-style: italic; font: inherit;">$116.2</div> million for South America, <div style="display: inline; font-style: italic; font: inherit;">$1.9</div> million for Europe and <div style="display: inline; font-style: italic; font: inherit;">$33.7</div> million for Middle East &amp; Africa.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The carrying amount of goodwill allocated by CGU, as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>was as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="5" style="font-size: 10pt">(All amounts in million US dollar)</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">As of December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tubes Segment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Other Segment</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">CGU</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maverick<br /> Acquisition</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hydril <br /> Acquisition</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maverick <br /> Acquisition</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-right: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left">OCTG (USA)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Tamsa (Hydril and other)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">346</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">365</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Siderca (Hydril and other)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">265</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">358</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Hydril</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">309</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">309</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Confab</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Coiled Tubing</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">920</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">171</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,320</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">12</div></div></td> <td><div style="display: inline; font-weight: bold;">Investments in non-consolidated companies</div></td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">640,294</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,781</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,848</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,036</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">193,994</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,635</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Dividends and distributions received (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(28,037</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,581</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,610</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Decrease / increase in equity reserves and others</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,066</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,987</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">879,965</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 22.5pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(*) Related to Ternium and Usiminas. During <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">$29.0</div> million were collected.</div> <div style=" margin: 0pt 0 0pt 4.3pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The principal non-consolidated companies are:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% ownership at December 31,</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value at December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Country of incorporation</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; font-size: 10pt; text-align: left">a) Ternium (*)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 25%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Luxembourg</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.46</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.46</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">751,105</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">725,548</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">b) Usiminas (**)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Brazil</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.07</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.07</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,593</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,988</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,267</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,032</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">879,965</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(*) Including treasury shares.</div> <div style=" margin: 0pt 0; font-size: 10pt">(**) At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> the voting rights were <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">5.2%.</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">a) Ternium</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Ternium, is a steel producer with production facilities in Mexico, Argentina, Brazil, Colombia, United States and Guatemala and is <div style="display: inline; font-style: italic; font: inherit;">one</div> of Tenaris&#x2019;s main suppliers of round steel bars and flat steel products for its pipes business.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the closing price of Ternium&#x2019;s ADSs as quoted on the New York Stock Exchange was <div style="display: inline; font-style: italic; font: inherit;">$22</div> per ADS, giving Tenaris&#x2019;s ownership stake a market value of approximately <div style="display: inline; font-style: italic; font: inherit;">$505.4</div> million. At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the carrying value of Tenaris&#x2019;s ownership stake in Ternium, based on Ternium&#x2019;s IFRS Financial Statements, was approximately <div style="display: inline; font-style: italic; font: inherit;">$751.1</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019&nbsp;</div>the Company concluded that&nbsp;the carrying amount does <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed the recoverable value of the investment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ternium</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Non-current assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,757,320</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,121,824</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,178,213</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,426,038</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,935,533</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,547,862</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Non-current liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,452,535</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,236,756</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,768,125</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,826,530</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,220,660</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,063,286</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Non-controlling interests</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,103,208</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,091,321</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Revenues</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,192,818</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,454,807</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,740,378</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,971,479</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income for the year attributable to owners of the parent</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">564,269</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,506,647</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total comprehensive income for the year, net of tax, attributable to owners of the parent</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">445,473</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,176,964</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 143 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">b) Usiminas</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the closing price of the Usiminas&#x2019; ordinary and preferred shares, as quoted on the <div style="display: inline; font-style: italic; font: inherit;">B3</div> - Brasil Bolsa Balc&atilde;o S.A, was <div style="display: inline; font-style: italic; font: inherit;">BRL9.83</div> (<div style="display: inline; font-style: italic; font: inherit;">$2.44</div>) and <div style="display: inline; font-style: italic; font: inherit;">BRL9.51</div> (<div style="display: inline; font-style: italic; font: inherit;">$2.36</div>), respectively, giving Tenaris&#x2019;s ownership stake a market value of approximately <div style="display: inline; font-style: italic; font: inherit;">$92</div> million. As of that date, the carrying value of Tenaris&#x2019;s ownership stake in Usiminas was approximately <div style="display: inline; font-style: italic; font: inherit;">$74.6</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Usiminas</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Non-current assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,335,662</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,696,896</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,198,449</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,148,322</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,534,111</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,845,218</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Non-current liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,955,395</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,933,207</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">716,930</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">860,862</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,672,325</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,069</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Non-controlling interests</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,667</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">369,333</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Revenues</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,790,206</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,766,241</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">478,141</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,156</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income for the year attributable to owners of the parent</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,779</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,381</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">c) Techgen</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer&iacute;a area of the State of Nuevo Le&oacute;n, Mexico. The company started producing energy on <div style="display: inline; font-style: italic; font: inherit;"> December 1, 2016, </div>with a power capacity of <div style="display: inline; font-style: italic; font: inherit;">900</div> megawatts. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris held <div style="display: inline; font-style: italic; font: inherit;">22%</div> of Techgen&#x2019;s share capital, and its affiliates, Ternium and Tecpetrol International S.A. (a wholly-owned subsidiary of San Faustin S.A., the controlling shareholder of both Tenaris and Ternium), held <div style="display: inline; font-style: italic; font: inherit;">48%</div> and <div style="display: inline; font-style: italic; font: inherit;">30%</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen is a party to transportation capacity agreements for a purchasing capacity of <div style="display: inline; font-style: italic; font: inherit;">150,000</div> MMBtu/Gas per day starting on <div style="display: inline; font-style: italic; font: inherit;"> August 1, 2016 </div>and ending on <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2036, </div>and a party to a contract for the purchase of power generation equipment and other services related to the equipment. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris&#x2019;s exposure under these agreements amounted to <div style="display: inline; font-style: italic; font: inherit;">$51.9</div> million and <div style="display: inline; font-style: italic; font: inherit;">$0.9</div> million respectively. Furthermore, during <div style="display: inline; font-style: italic; font: inherit;">2018,</div> Techgen entered a contract for the purchase of clean energy certificates. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>Tenaris&#x2019;s exposure under this agreement amounted to <div style="display: inline; font-style: italic; font: inherit;">$18.2</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2019,</div> Techgen repaid certain subordinated loans to Techgen&#x2019;s sponsors; the part corresponding to Tenaris amounted to <div style="display: inline; font-style: italic; font: inherit;">$40.5</div> million. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the aggregate outstanding principal amount under these subordinated loans was <div style="display: inline; font-style: italic; font: inherit;">$58.1</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> February 13, 2019, </div>Techgen entered into a <div style="display: inline; font-style: italic; font: inherit;">$640</div> million syndicated loan agreement with several banks to refinance an existing loan, resulting in the release of certain corporate guarantee issued by Techgen&#x2019;s shareholders to secure the replaced facility.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen&#x2019;s obligations under the current facility, which is &#x201c;non-recourse&#x201d; on the sponsors, are guaranteed by a Mexican security trust covering Techgen&#x2019;s shares, assets and accounts as well as Techgen&#x2019;s affiliates rights under certain contracts. In addition, Techgen&#x2019;s collection and payment accounts <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to the trust have been pledged in favor of the lenders under the new loan agreement, and certain direct agreements &#x2013;customary for these type of transactions&#x2013; have been entered into with <div style="display: inline; font-style: italic; font: inherit;">third</div> parties and affiliates, including in connection with the agreements for the sale of energy produced by the project and the agreements for the provision of gas and long-term maintenance services to Techgen. The commercial terms and conditions governing the purchase, by the Company&#x2019;s Mexican subsidiary Tamsa, of <div style="display: inline; font-style: italic; font: inherit;">22%</div> of the energy generated by the project remain unchanged.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during <div style="display: inline; font-style: italic; font: inherit;">two</div> consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&#x2019;s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company and its Swiss subsidiary, Tenaris Investments Switzerland AG, applied for stand-by letters of credit covering <div style="display: inline; font-style: italic; font: inherit;">22%</div> of the debt service coverage ratio, which as of the date hereof amounts to <div style="display: inline; font-style: italic; font: inherit;">$9.8</div> million.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td>Principal subsidiaries</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The following is a list of Tenaris&#x2019;s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Company</div></div></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Country of<br /> Incorporation</div></div></td> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Main activity</div></div></td> <td colspan="3" style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Percentage of ownership at<br /> December 31, (*)</div></div></td> </tr> <tr> <td style="vertical-align: bottom; width: 41%; border-left: black 1pt solid; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</td> <td style="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</td> <td style="vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</td> <td style="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2019</div></div></td> <td style="vertical-align: bottom; width: 6%; border-right: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="vertical-align: bottom; width: 8%; border-right: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2017</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">ALGOMA TUBES INC.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Canada</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">CONFAB INDUSTRIAL S.A. and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Brazil</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes and capital goods</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">DALMINE S.p.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Italy</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">HYDRIL COMPANY and subsidiaries (except detailed) (a)</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacture and marketing of premium connections</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Kazakhstan</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Threading of premium products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">MAVERICK TUBE CORPORATION and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">NKKTUBES</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Japan</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">51%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">51%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">51%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">P.T. SEAMLESS PIPE INDONESIA JAYA</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Indonesia</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">89%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">89%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">89%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">PRUDENTIAL STEEL LTD.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Canada</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">S.C. SILCOTUB S.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Romania</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">SAUDI STEEL PIPE CO.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Saudi Arabia</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">48%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">SIAT SOCIEDAD ANONIMA</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Argentina</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded and seamless steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Argentina</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Portugal</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding Company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS BAY CITY, INC.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS CONNECTIONS BV</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Netherlands</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Development, management and licensing of intellectual property</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS FINANCIAL SERVICES S.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Uruguay</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Financial company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES (CANADA) INC.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Canada</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES (UK) LTD</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">United Kingdom</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company and marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (b)</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Uruguay</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company and marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS INVESTMENTS (NL) B.V.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Netherlands</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS INVESTMENTS S.&agrave;r.l.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Luxembourg</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Switzerland</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS TUBOCARIBE LTDA.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Colombia</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded and seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><div style="display: inline; font-size: 10pt">TUBOS DE ACERO DE MEXICO, S.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Mexico</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(*) All percentages rounded.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(a) Tenaris Investments S.&agrave;.r.l. holds <div style="display: inline; font-style: italic; font: inherit;">100%</div> of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it holds <div style="display: inline; font-style: italic; font: inherit;">80%.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(b) Tenaris Investments S.&agrave;.r.l holds <div style="display: inline; font-style: italic; font: inherit;">97,5%</div> of Tenaris Supply Chain S.A. and <div style="display: inline; font-style: italic; font: inherit;">40%</div> of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., <div style="display: inline; font-style: italic; font: inherit;">49%</div> of Amaja Tubular Services Limited, <div style="display: inline; font-style: italic; font: inherit;">49%</div> Tubular Services Angola Lda.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">14</div></div></td> <td><div style="display: inline; font-weight: bold;">Inventories, net</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Finished goods</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">968,329</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,025,999</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Goods in process</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,888</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">709,497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Raw materials</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">221,954</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">256,816</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Supplies</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">486,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,286</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Goods in transit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,015</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,539</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,483,597</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,734,137</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allowance for obsolescence (see Note 23 (i))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(217,717</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(209,796</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,265,880</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,524,341</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.9pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">26</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Agreement to build a welded pipe plant in West Siberia</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 20.75pt; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">On <div style="display: inline; font-style: italic; font: inherit;"> February 5, 2019 </div>Tenaris entered into an agreement with PAO Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russian Federation. Tenaris holds a <div style="display: inline; font-style: italic; font: inherit;">49%</div> interest in the company, while PAO Severstal owns the remaining <div style="display: inline; font-style: italic; font: inherit;">51%.</div> The regulatory approvals and other customary conditions have been already obtained. The plant, which is estimated to require an investment of <div style="display: inline; font-style: italic; font: inherit;">$280</div> million, is planned to have an annual production capacity of <div style="display: inline; font-style: italic; font: inherit;">300,000</div> tons. During the period, Tenaris contributed approximately <div style="display: inline; font-style: italic; font: inherit;">$19.6</div> million in the project.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11</div></div></td> <td><div style="display: inline; font-weight: bold;">Right-of-use assets, net and lease liabilities</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">Right of use assets evolution</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Land and Civil<br /> Buildings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industrial <br /> Buildings, Plant <br /> and Production<br /> Equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vehicles, furniture<br /> and fixtures</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: justify">Opening net book amount</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,713</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,352</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,335</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">238,400</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,038</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,267</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Currency translation adjustment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(88</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(74</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,292</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,985</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,165</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,442</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Disposals</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,009</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,488</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(818</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,315</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Transfers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">496</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(496</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,137</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225,389</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,194</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">275,720</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Depreciation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,514</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,869</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,908</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,291</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(62</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">62</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Disposals / Consumptions</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(181</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,229</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(295</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,705</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,330</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,581</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,683</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,594</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,807</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,808</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,511</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">233,126</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Depreciation of right-of-use assets was mainly included in Tubes segment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The initial cost of right-of-use assets consists of the initial lease liability plus lease payments made in <div style="display: inline; font-style: italic; font: inherit;">2018</div> of approximately <div style="display: inline; font-style: italic; font: inherit;">$4</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">Lease liability evolution</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 87%; font-size: 10pt; text-align: left">Opening net book amount</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,149</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,267</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,690</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,957</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Cancellations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,688</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Repayments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,974</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest accrued</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,766</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">230,167</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">(<div style="display: inline; font-weight: bold;">*</div>) The weighted average lessee&#x2019;s incremental borrowing rate applied to the lease liabilities on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">2.4%.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The amount of remaining payments with maturity less than <div style="display: inline; font-style: italic; font: inherit;">1</div> year, between <div style="display: inline; font-style: italic; font: inherit;">2</div> and <div style="display: inline; font-style: italic; font: inherit;">5</div> years and more than <div style="display: inline; font-style: italic; font: inherit;">5</div> years is approximately <div style="display: inline; font-style: italic; font: inherit;">16%,</div> <div style="display: inline; font-style: italic; font: inherit;">44%</div> and <div style="display: inline; font-style: italic; font: inherit;">40%</div> of the total remaining payments, respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Expense relating to short-term leases and low value leases (included in <div style="display: inline; font-style: italic;">cost of sales and selling, general and administrative expenses</div>) in the period amounted to <div style="display: inline; font-style: italic; font: inherit;">$15.1</div> million and <div style="display: inline; font-style: italic; font: inherit;">$1.3</div> million respectively.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Unfunded</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,573</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,318</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Funded</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,420</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,769</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,993</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,087</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,318</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">101,889</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,567</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,849</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Current service cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,978</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,526</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,070</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Remeasurements (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,010</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,946</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,660</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Benefits paid from the plan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,328</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,719</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,976</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">473</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,573</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,318</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Present value of funded obligations</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,412</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">146,885</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Fair value of plan assets</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(145,160</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,438</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Liability (*)</div></div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,252</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,447</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">146,885</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">165,485</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,542</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,182</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Current service cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">721</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,328</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,754</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,691</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Remeasurements (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,769</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,984</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Benefits paid</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,259</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,453</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,412</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">146,885</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.75pt"><div style="display: inline; font-style: italic; font: inherit;">29</div></td> <td style="text-align: justify">Discontinued Operations</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2016, </div>Tenaris entered into an agreement with Nucor Corporation (&#x201c;NC&#x201d;) pursuant to which it has sold to NC the steel electric conduit business in North America, known as Republic Conduit for an amount of <div style="display: inline; font-style: italic; font: inherit;">$328</div> million (net of transaction costs). The sale was completed on <div style="display: inline; font-style: italic; font: inherit;"> January 19, 2017, </div>with effect from <div style="display: inline; font-style: italic; font: inherit;"> January 20, 2017. </div>The result of this transaction was an after-tax gain of <div style="display: inline; font-style: italic; font: inherit;">$89.7</div> million, calculated as the net proceeds of the sale less the book value of net assets held for sale, the corresponding tax effect and related expenses.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">&nbsp;Income from discontinued operations</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,848</div></td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;After tax gain on the sale of Conduit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,694</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Net Income for discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,542</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt">Details of Conduit sale</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">Cash received</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">331,295</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transaction and other costs</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,663</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Carrying amount of net assets sold</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(137,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Gain on sale before income tax</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">189,817</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense on gain</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(100,123</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Gain on sale after income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,694</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">The financial performances presented are relative to the <div style="display: inline; font-style: italic; font: inherit;">19</div> days of <div style="display: inline; font-style: italic; font: inherit;"> January 2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Analysis of the result of discontinued operations:</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt">Revenues</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,899</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross profit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,496</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net income</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,848</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 160 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">Summarized cash flow information is as follows<div style="display: inline; font-weight: bold;">:</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">Cash at the beginning</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,820</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cash at the end</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">206</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">(Decrease) Increase in cash</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,614</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">(Used in) provided by operating activities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,046</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Provided by (used in) investing activities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Used in financing activities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(15,600</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">These amounts were estimated only for disclosure purposes, as cash flows from discontinued operations were <div style="display: inline; font-style: italic; font: inherit;">not</div> managed separately from other cash flows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The following table shows carrying amounts of assets and liabilities as at the date of sale.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Current and non-current assets and liabilities of disposal group</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">At January 19, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">Non-current assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,332</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">69,332</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets of disposal group classified as held for sale</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,664</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Non-current liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,294</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,556</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities of disposal group classified as held for sale</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,850</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Tubes</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Continuing operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,870</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">424</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,294</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">857</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">73</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">929</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Difference in cost of sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(105</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(102</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Differences in depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">755</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">832</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Financial income (expense), net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">852</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">934</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Capital expenditures</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">338</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">350</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">540</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Tubes</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Continuing operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,233</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">426</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,659</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">702</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">783</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Difference in cost of sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Differences in depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(34</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(34</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in selling, general and administrative expenses</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">777</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">872</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Financial income (expense), net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">909</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,103</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Capital expenditures</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">346</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">349</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">645</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">664</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">Year ended December 31, 2017</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Tubes</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Continuing operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">Discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - Net Sales</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,966</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">323</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,289</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Management view - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">163</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Difference in cost of sales</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">164</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">165</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Differences in depreciation and amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Differences in selling, general and administrative expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Differences in other operating income (expenses), net</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">IFRS - operating income</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">43</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">335</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Financial income (expense), net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">312</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Income before income tax</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Capital expenditures</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">550</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">558</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Depreciation and amortization</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">594</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Payroll and social security payable</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">153,009</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">148,069</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,255</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,624</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">176,264</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">165,693</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">21</div></div></td> <td><div style="display: inline; font-weight: bold;">Other liabilities</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;">(i)</div></td> <td><div style="display: inline; font-weight: bold;">Other liabilities &#x2013; Non current</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Post-employment benefits</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,993</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,087</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other-long term benefits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,473</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,492</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,917</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,550</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">251,383</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">213,129</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Post-employment benefits</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Unfunded</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,573</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,318</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Funded</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,420</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,769</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,993</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,087</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td><div style="display: inline; font-weight: bold;">Unfunded</div></td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,318</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">101,889</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,567</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,849</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Current service cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,978</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,526</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,070</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Remeasurements (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,010</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,946</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,660</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Benefits paid from the plan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,328</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,719</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,976</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">473</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,573</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,318</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0 0pt 4.5pt; font-size: 10pt; text-align: justify">(*) For <div style="display: inline; font-style: italic; font: inherit;">2019</div> a loss of <div style="display: inline; font-style: italic; font: inherit;">$1.3</div> million is attributable to demographic assumptions and a loss of <div style="display: inline; font-style: italic; font: inherit;">$5.7</div> million to financial assumptions. For <div style="display: inline; font-style: italic; font: inherit;">2018</div> a gain of <div style="display: inline; font-style: italic; font: inherit;">$0.2</div> million is attributable to demographic assumptions and a gain of <div style="display: inline; font-style: italic; font: inherit;">$3.7</div> million to financial assumptions.</div> <div style=" margin: 0pt 0 0pt 4.5pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The actuarial assumptions for the most relevant plans were as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td colspan="5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Year ended December 31,</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Discount rate</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">1%</div> - <div style="display: inline; font-style: italic; font: inherit;">7%</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2%</div> - <div style="display: inline; font-style: italic; font: inherit;">7%</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Rate of compensation increase</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0%</div> - <div style="display: inline; font-style: italic; font: inherit;">3%</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0%</div> - <div style="display: inline; font-style: italic; font: inherit;">3%</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>an increase / (decrease) of <div style="display: inline; font-style: italic; font: inherit;">1%</div> in the discount rate assumption of the main plans would have generated a (decrease) / increase on the defined benefit obligation of <div style="display: inline; font-style: italic; font: inherit;">$7.4</div> million and <div style="display: inline; font-style: italic; font: inherit;">$7</div> million respectively, and an increase / (decrease) of <div style="display: inline; font-style: italic; font: inherit;">1%</div> in the rate of compensation assumption of the main plans would have generated an increase / (decrease) impact on the defined benefit obligation of <div style="display: inline; font-style: italic; font: inherit;">$4.5</div> million and <div style="display: inline; font-style: italic; font: inherit;">$4.5</div> million respectively. The above sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions <div style="display: inline; font-style: italic; font: inherit;"> may </div>be correlated.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 4.5pt"></td> <td style="width: 18pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td><div style="display: inline; font-weight: bold;">Funded</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">The amounts recognized in the statement of financial position for the current annual period and the previous annual period are as follows:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Present value of funded obligations</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,412</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">146,885</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">Fair value of plan assets</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(145,160</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,438</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Liability (*)</div></div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,252</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,447</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">(*) In <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> <div style="display: inline; font-style: italic; font: inherit;">$4.2</div> million and <div style="display: inline; font-style: italic; font: inherit;">$3.3</div> million corresponding to a plan with a surplus balance were reclassified within other non-current assets, respectively. </div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <!-- Field: Page; Sequence: 150 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">The movement in the present value of funded obligations is as follows:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">146,885</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">165,485</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,542</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,182</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Current service cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">721</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,328</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,754</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,691</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Remeasurements (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,769</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,984</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Benefits paid</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,259</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,453</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,412</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">146,885</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(*) For <div style="display: inline; font-style: italic; font: inherit;">2019</div> a loss of <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> million is attributable to demographic assumptions and a loss of <div style="display: inline; font-style: italic; font: inherit;">$12.4</div> million to financial assumptions. For <div style="display: inline; font-style: italic; font: inherit;">2018</div> a loss of <div style="display: inline; font-style: italic; font: inherit;">$0.4</div> million is attributable to demographic assumptions and a gain of <div style="display: inline; font-style: italic; font: inherit;">$8.4</div> million to financial assumptions. respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The movement in the fair value of plan assets is as follows:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,438</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(145,692</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,137</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,514</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Return on plan assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,018</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,936</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Remeasurements</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,507</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,967</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Contributions paid to the plan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,589</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,108</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Benefits paid from the plan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,259</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,453</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">270</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">364</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(145,160</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,438</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The major categories of plan assets as a percentage of total plan assets are as follows:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Equity instruments</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49.0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53.5</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Debt instruments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The actuarial assumptions for the most relevant plans were as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Year ended December 31,</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Discount rate</td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">3 % - 4 %</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">4 % - 5 %</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Rate of compensation increase</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0 % - 3 %</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0 % - 3 %</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected return on plan assets is determined based on long-term, prospective rates of return as of the end of the reporting period.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>an increase / (decrease) of <div style="display: inline; font-style: italic; font: inherit;">1%</div> in the discount rate assumption of the main plans would have generated a (decrease) / increase on the defined benefit obligation of <div style="display: inline; font-style: italic; font: inherit;">$16.1</div> million and <div style="display: inline; font-style: italic; font: inherit;">$19.8</div> million respectively, and an increase / (decrease) of <div style="display: inline; font-style: italic; font: inherit;">1%</div> in the compensation rate assumption of the main plans would have generated an increase / (decrease) on the defined benefit obligation of <div style="display: inline; font-style: italic; font: inherit;">$1.8</div> million and <div style="display: inline; font-style: italic; font: inherit;">$1.6</div> million respectively. The above sensitivity analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions <div style="display: inline; font-style: italic; font: inherit;"> may </div>be correlated.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The employer contributions expected to be paid for the year <div style="display: inline; font-style: italic; font: inherit;">2020</div> amount approximately to <div style="display: inline; font-style: italic; font: inherit;">$5.1</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The methods and types of assumptions used in preparing the sensitivity analysis did <div style="display: inline; font-style: italic; font: inherit;">not</div> change compared to the previous period.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <!-- Field: Page; Sequence: 151 --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;">(ii)</div></td> <td><div style="display: inline; font-weight: bold;">Other liabilities &#x2013; current</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Payroll and social security payable</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">153,009</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">148,069</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,255</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,624</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">176,264</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">165,693</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Post-employment benefits</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,993</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,087</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other-long term benefits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,473</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,492</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,917</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,550</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">251,383</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">213,129</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 21.3pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5</div></div></td> <td><div style="display: inline; font-weight: bold;">Other operating income and expenses</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 22.5pt; font-size: 10pt; text-indent: -22.5pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="6" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Other operating income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: left">Net income from other sales</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,651</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,604</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,395</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net rents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,089</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,909</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,325</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Other</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,025</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,546</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,796</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Recovery on allowance for doubtful receivables</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,239</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,004</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,059</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,516</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Other operating expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Contributions to welfare projects and non-profits organizations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,199</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,379</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,158</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss on fixed assets and material supplies disposed / scrapped</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Allowance for doubtful receivables</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,179</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">84</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,199</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,558</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,360</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,199</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,558</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,359</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-style: italic; font: inherit;">9</div></td> <td style="text-align: justify">Property, plant and equipment, net</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Land and <br /> civil <br /> buildings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industrial <br /> buildings, <br /> plant and <br /> production <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vehicles, <br /> furniture <br /> and <br /> fixtures</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Work in <br /> progress</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Spare <br /> parts and <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 22%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">732,578</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,121,569</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,260</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,378</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,197</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,421,982</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,611</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38,961</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,615</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(864</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(256</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,307</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,468</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,908</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,733</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,630</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">178,739</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,178</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,107</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">299,412</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,202</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">313,915</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Disposals / Consumptions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(35</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27,153</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,110</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,120</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,557</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38,975</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transfers / Reclassifications</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,723</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">296,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,349</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(317,128</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,984</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,232</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">799,139</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,468,813</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">399,724</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">108,308</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,602</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,836,586</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Depreciation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,914</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,936,900</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,260</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,074</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(420</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(24,973</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,485</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,878</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,409</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">415,826</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,080</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">447,315</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(362</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(400</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Disposals / Consumptions</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(73</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(25,580</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,889</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(31,542</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,468</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,302,135</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">322,966</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,746,569</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">677,671</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,166,678</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76,758</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">108,308</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,602</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,090,017</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">(*) Related to SSP acquisition. See Note <div style="display: inline; font-style: italic; font: inherit;">27.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Land and<br /> civil <br /> buildings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industrial <br /> buildings, <br /> plant and <br /> production <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vehicles, <br /> furniture <br /> and <br /> fixtures</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Work in <br /> progress</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Spare <br /> parts and <br /> equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 22%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">712,061</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,954,585</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">370,542</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">167,079</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,413</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,246,680</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,628</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(117,977</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,458</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,269</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(424</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(131,756</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">723</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">681</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,245</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">294,163</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,756</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">317,568</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Disposals / Consumptions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(221</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,836</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,269</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(42</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,541</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(35,909</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transfers / Reclassifications</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,643</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">306,116</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,200</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(331,553</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,993</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,399</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">732,578</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,121,569</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,260</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,378</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,197</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,421,982</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Depreciation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">101,197</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,612,871</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">303,469</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,017,537</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,383</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(72,141</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,939</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(78,463</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Depreciation charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,153</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">417,229</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,083</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">449,465</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">173</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(671</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(498</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Disposals / Consumptions</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(53</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,232</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,682</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(29,967</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,914</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,936,900</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,260</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,358,074</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">621,664</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,184,669</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,000</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,378</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,197</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,063,908</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"></div></div> <div style=" margin: 0pt 0 0pt 22.5pt; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Property, plant and equipment include capitalized interests for net amounts at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> of <div style="display: inline; font-style: italic; font: inherit;">$35.4</div> million and <div style="display: inline; font-style: italic; font: inherit;">$37.4</div> million, respectively. There were <div style="display: inline; font-style: italic; font: inherit;">no</div> interest capitalized during <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2018.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Information <br /> system projects</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Licenses,<br /> patents and<br /> trademarks (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Goodwill</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Customer<br /> relationships</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 35%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,622</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">464,571</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,085,936</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,058,859</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,189,988</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(70</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(968</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,955</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations (**)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">405</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,869</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,192</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">114,466</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,487</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,259</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,665</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,665</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,062</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,531</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,593</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">604,870</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">463,742</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,117,837</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,140,051</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,326,500</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">513,984</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,466</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,038,981</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,724,023</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,734</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,734</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Amortization charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,937</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">719</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,259</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,915</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,850</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(413</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,263</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">536,337</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,772</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,057,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,764,941</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,533</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,970</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,320,245</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,811</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,561,559</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Information <br /> system projects</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Licenses,<br /> patents and<br /> trademarks (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Goodwill</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Customer<br /> relationships</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 35%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">560,692</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">465,963</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,090,073</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,058,859</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,175,587</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,153</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(183</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,137</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,473</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,632</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">273</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,905</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,493</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,493</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(56</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,482</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,538</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,622</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">464,571</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,085,936</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,058,859</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,189,988</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Amortization</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">478,946</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,746</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,865,444</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,514,728</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,551</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,551</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Amortization charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,635</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">720</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">173,537</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,892</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Disposals</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">513,984</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,466</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">797,592</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,038,981</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,724,023</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,638</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,105</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,288,344</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,878</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,465,965</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-style: italic; font: inherit;">30</div></td> <td style="text-align: justify">Related party transactions</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">San Faustin S.A., a Luxembourg soci&eacute;t&eacute; anonyme (&#x201c;San Faustin&#x201d;), owned <div style="display: inline; font-style: italic; font: inherit;">713,605,187</div> shares in the Company, representing <div style="display: inline; font-style: italic; font: inherit;">60.45%</div> of the Company&#x2019;s capital and voting rights.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.&agrave;.r.l., a Luxembourg soci&eacute;t&eacute; &agrave; responsabilit&eacute; limit&eacute;e (&#x201c;Techint&#x201d;), who is the holder of record of the above-mentioned Tenaris shares.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (&#x201c;RP STAK&#x201d;) held voting shares in San Faustin sufficient in number to control San Faustin.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">No</div> person or group of persons controls RP STAK.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">Based on the information most recently available to the Company, Tenaris&#x2019;s directors and senior management as a group owned <div style="display: inline; font-style: italic; font: inherit;">0.08%</div> of the Company&#x2019;s outstanding shares.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Transactions and balances disclosed as with &#x201c;non-consolidated parties&#x201d; are those with companies over which Tenaris exerts significant influence or joint control in accordance with IFRS, but does <div style="display: inline; font-style: italic; font: inherit;">not</div> have control. All other transactions and balances with related parties which are <div style="display: inline; font-style: italic; font: inherit;">not</div> non-consolidated parties and which are <div style="display: inline; font-style: italic; font: inherit;">not</div> consolidated are disclosed as &#x201c;Other&#x201d;. The following transactions were carried out with related parties:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(i)</div></div></td> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Transactions</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">(a) Sales of goods and services</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%">&nbsp;</td> <td style="width: 59%; font-size: 10pt; text-align: left">Sales of goods to non-consolidated parties</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,577</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,709</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,362</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Sales of goods to other related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">69,972</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">131,548</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,624</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Sales of services to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,620</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,641</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Sales of services to other related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,386</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,647</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,751</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100,555</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,545</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">142,374</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">(b) Purchases of goods and services</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Purchases of goods to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">174,588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">245,186</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,361</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Purchases of goods to other related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,765</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">106,624</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,711</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Purchases of services to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,404</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,556</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,077</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Purchases of services to other related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,514</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,179</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,794</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">290,271</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,545</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,943</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <!-- Field: Page; Sequence: 161 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal"></div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(ii)</div></div></td> <td style="font-size: 10pt; font-weight: bold">Period-end balances</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">(a) Arising from sales / purchases of goods / services</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%">&nbsp;</td> <td style="width: 71%; font-size: 10pt; text-align: left">Receivables from non-consolidated parties</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,884</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">122,136</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Receivables from other related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,419</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Payables to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,100</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(33,197</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payables to other related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,048</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,595</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95,763</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">(b) Financial debt</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finance lease liabilities from non-consolidated parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,064</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,064</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><div style="display: inline; font-weight: normal">In addition to the tables above, Tenaris issued various guarantees and is party to a commitment in favor of Techgen: for further details, please see note <div style="display: inline; font-style: italic; font: inherit;">12</div>(c) and <div style="display: inline; font-style: italic; font: inherit;">25</div>(ii). <div style="display: inline; font-style: italic; font: inherit;">No</div> other material guarantees were issued in favor of other related parties.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">Directors&#x2019; and senior management compensation</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">During the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> the cash compensation of Directors and Senior managers amounted to <div style="display: inline; font-style: italic; font: inherit;">$33.7</div> million, <div style="display: inline; font-style: italic; font: inherit;">$33.7</div> million and <div style="display: inline; font-style: italic; font: inherit;">$45.8</div> million respectively. These amounts include cash benefits paid to certain senior managers in connection with the pre-existing retirement plans. In addition, Directors and Senior managers received <div style="display: inline; font-style: italic; font: inherit;">468,</div> <div style="display: inline; font-style: italic; font: inherit;">558</div> and <div style="display: inline; font-style: italic; font: inherit;">484</div> thousand units for a total amount of <div style="display: inline; font-style: italic; font: inherit;">$4.8</div> million, <div style="display: inline; font-style: italic; font: inherit;">$5.6</div> million and <div style="display: inline; font-style: italic; font: inherit;">$4.7</div> million respectively in connection with the Employee retention and long term incentive program mentioned in Note O Employee benefits &#x2013; Other long term benefits.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Company</div></div></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Country of<br /> Incorporation</div></div></td> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Main activity</div></div></td> <td colspan="3" style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Percentage of ownership at<br /> December 31, (*)</div></div></td> </tr> <tr> <td style="vertical-align: bottom; width: 41%; border-left: black 1pt solid; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</td> <td style="vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</td> <td style="vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</td> <td style="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2019</div></div></td> <td style="vertical-align: bottom; width: 6%; border-right: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="vertical-align: bottom; width: 8%; border-right: black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2017</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">ALGOMA TUBES INC.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Canada</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">CONFAB INDUSTRIAL S.A. and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Brazil</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes and capital goods</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">DALMINE S.p.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Italy</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">HYDRIL COMPANY and subsidiaries (except detailed) (a)</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacture and marketing of premium connections</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Kazakhstan</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Threading of premium products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">MAVERICK TUBE CORPORATION and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">NKKTUBES</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Japan</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">51%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">51%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">51%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">P.T. SEAMLESS PIPE INDONESIA JAYA</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Indonesia</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">89%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">89%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">89%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">PRUDENTIAL STEEL LTD.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Canada</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">S.C. SILCOTUB S.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Romania</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">SAUDI STEEL PIPE CO.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Saudi Arabia</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">48%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">SIAT SOCIEDAD ANONIMA</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Argentina</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded and seamless steel pipes </div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Argentina</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Portugal</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding Company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS BAY CITY, INC.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS CONNECTIONS BV</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Netherlands</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Development, management and licensing of intellectual property</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS FINANCIAL SERVICES S.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Uruguay</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Financial company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES (CANADA) INC.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Canada</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">USA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES (UK) LTD</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">United Kingdom</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company and marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (b)</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Uruguay</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company and marketing of steel products</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS INVESTMENTS (NL) B.V.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Netherlands</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">NA</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS INVESTMENTS S.&agrave;r.l.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Luxembourg</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Switzerland</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Holding company</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt">TENARIS TUBOCARIBE LTDA.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Colombia</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of welded and seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt dotted; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> <tr style="background-color: White"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><div style="display: inline; font-size: 10pt">TUBOS DE ACERO DE MEXICO, S.A.</div></td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Mexico</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Manufacturing of seamless steel pipes</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">100%</div></div></td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; text-transform: uppercase"><div style="display: inline; font-weight: bold;">II. Accounting policies </div></div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; text-transform: uppercase"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of presentation</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#x201c;IFRS&#x201d;), as issued by the International Accounting Standards Board (&#x201c;IASB&#x201d;) and in accordance with IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (&#x201c;$&#x201d;).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the current year.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Following the sale of the steel electric conduit business in North America, known as Republic Conduit, in <div style="display: inline; font-style: italic; font: inherit;"> January 2017, </div>the results of the mentioned business are presented as discontinued operations in accordance with IFRS <div style="display: inline; font-style: italic; font: inherit;">5,</div> "Non-current Assets Held for Sale and Discontinued Operations". Consequently, all comparative amounts related to discontinued operations within each line item of the Consolidated Income Statement are reclassified into discontinued operations. The Consolidated Statement of Cash Flows includes the cash flows for continuing and discontinued operations. Cash flows from discontinued operations and earnings per share are disclosed separately in Note <div style="display: inline; font-style: italic; font: inherit;">29,</div> as well as additional information detailing net assets of disposal group classified as held for sale and discontinued operations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent assets and liabilities, revenues and expenses. Actual results <div style="display: inline; font-style: italic; font: inherit;"> may </div>differ from these estimates. The main areas involving significant estimates or judgements are: Impairment of goodwill and long-lived assets (note II.G); Income Taxes (note II.N); Loss contingencies (note II.P); Defined benefit obligations (note II.O), Business Combinations (notes II.B, <div style="display: inline; font-style: italic; font: inherit;">III.27</div>); Useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.G).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Accounting pronouncements applicable as from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and relevant for Tenaris</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> &#x201c;Leases&#x201d;</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has adopted IFRS <div style="display: inline; font-style: italic; font: inherit;">16</div> &#x201c;Leases&#x201d; from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019. </div>In accordance with the transition provisions in IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> Tenaris has adopted the new rules using the modified retrospective approach, meaning that reclassifications of the adoption was recognized in the opening balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and that comparatives were <div style="display: inline; font-style: italic; font: inherit;">not</div> restated.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Upon adoption of IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> Tenaris recognized lease liabilities in relation to leases which had previously been classified as &#x201c;operating leases&#x201d; under the principles of IAS <div style="display: inline; font-style: italic; font: inherit;">17</div> &#x201c;Leases&#x201d;. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee&#x2019;s incremental borrowing rate as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019. </div>The associated right-of-use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018. </div>The difference between the amount of the lease liability recognized in the statement of financial position at the date of initial application and the operating lease commitments under IAS <div style="display: inline; font-style: italic; font: inherit;">17</div> is related to leases with a duration lower than <div style="display: inline; font-style: italic; font: inherit;">12</div> months, low value leases and/or leases with clauses related to variable payments.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#x2019;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.</div> <div style=" margin: 0pt 0 0pt 28.05pt; font-size: 10pt; text-align: justify; text-indent: -28.05pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expenses in profit or loss. Short-term leases are leases with a lease term of <div style="display: inline; font-style: italic; font: inherit;">12</div> months or less. Low-value comprise mainly IT equipment and small items of office furniture.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or <div style="display: inline; font-style: italic; font: inherit;">not</div> exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or <div style="display: inline; font-style: italic; font: inherit;">not</div> terminated).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">IFRIC <div style="display: inline; font-style: italic; font: inherit;">23,</div> "Uncertainty over Income Tax Treatments"</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has adopted IFRIC <div style="display: inline; font-style: italic; font: inherit;">23</div> &#x201c;Uncertainty over Income Tax Treatments&#x201d; from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019. </div>This interpretation clarifies how the recognition and measurement requirements of IAS <div style="display: inline; font-style: italic; font: inherit;">12</div> &#x201c;Income taxes&#x201d; are applied where there is uncertainty over income tax treatments.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Other accounting pronouncements that became effective during <div style="display: inline; font-style: italic; font: inherit;">2019</div> have <div style="display: inline; font-style: italic; font: inherit;">no</div> material effect on the Company&#x2019;s financial condition or results of operations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group accounting</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Subsidiaries and transactions with non-controlling interests</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer consolidated from the date control ceases.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#x2019;s proportionate share of the acquiree&#x2019;s net assets. The excess of the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 113 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#x2019;s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Transactions with non-controlling interests that do <div style="display: inline; font-style: italic; font: inherit;">not</div> result in a loss of control are accounted as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This <div style="display: inline; font-style: italic; font: inherit;"> may </div>mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the Consolidated Income Statement under <div style="display: inline; font-style: italic;">Other financial results</div>.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Non-consolidated companies</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-consolidated companies are all entities in which Tenaris has significant influence but <div style="display: inline; font-style: italic; font: inherit;">not</div> control, generally accompanying a shareholding of between <div style="display: inline; font-style: italic; font: inherit;">20%</div> and <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the voting rights. Investments in non-consolidated companies (associated and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost. The Company&#x2019;s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#x2019;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#x2019;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&#x2019;s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies have been adjusted where necessary to ensure consistency with IFRS.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">The Company&#x2019;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </div>Equity in earnings (losses) of non-consolidated companies<div style="display: inline; font-style: normal">. The Company&#x2019;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 114 --> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">Ternium</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris holds <div style="display: inline; font-style: italic; font: inherit;">11.46%</div> of Ternium S.A (&#x201c;Ternium&#x201d;)&#x2019;s common stock. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS <div style="display: inline; font-style: italic; font: inherit;">28,</div> &#x201c;Investments in associates companies and Joint Ventures&#x201d;) over Ternium, and as a result the Company&#x2019;s investment in Ternium has been accounted for under the equity method:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Both the Company and Ternium are under the indirect common control of San Faustin S.A.;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Four out of <div style="display: inline; font-style: italic; font: inherit;">eight</div> members of Ternium&#x2019;s Board of Directors (including Ternium&#x2019;s Chairman) are also members of the Company&#x2019;s Board of Directors;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Under the shareholders&#x2019; agreement by and between the Company and Techint Holdings S.&agrave; r.l, a wholly owned subsidiary of San Faustin S.A. and Ternium&#x2019;s main shareholder, dated <div style="display: inline; font-style: italic; font: inherit;"> January 9, 2006, </div>Techint Holdings S.&agrave;.r.l, is required to take actions within its power to cause (a) <div style="display: inline; font-style: italic; font: inherit;">one</div> of the members of Ternium&#x2019;s Board of Directors to be nominated by the Company and (b) any director nominated by the Company to be only removed from Ternium&#x2019;s Board of Directors pursuant to previous written instructions of the Company.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Usiminas</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris holds through its Brazilian subsidiary Confab Industrial S.A. (&#x201c;Confab&#x201d;), <div style="display: inline; font-style: italic; font: inherit;">5.2%</div> of the shares with voting rights and <div style="display: inline; font-style: italic; font: inherit;">3.07%</div> of Usinas Sider&uacute;rgicas de Minas Gerais S.A. (&#x201c;Usiminas&#x201d;) total share capital.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The acquisition of Usiminas shares was part of a larger transaction performed <div style="display: inline; color: black">on <div style="display: inline; font-style: italic; font: inherit;"> January 16, 2012,</div></div> pursuant to which Ternium, certain of its subsidiaries and Confab joined Usiminas&#x2019; existing control group through the acquisition of ordinary shares representing <div style="display: inline; font-style: italic; font: inherit;">27.7%</div> of Usiminas&#x2019; total voting capital and <div style="display: inline; font-style: italic; font: inherit;">13.8%</div> of Usiminas&#x2019; total share capital. <div style="display: inline; color: black">A shareholders&#x2019; agreement governed the rights and obligations of the several control group members.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> April </div>and <div style="display: inline; font-style: italic; font: inherit;"> May 2016 </div>Tenaris&#x2019;s subsidiary Confab subscribed, in the aggregate, to <div style="display: inline; font-style: italic; font: inherit;">1.3</div> million preferred shares (<div style="display: inline; font-style: italic; font: inherit;">BRL1.28</div> per share) for a total amount of <div style="display: inline; font-style: italic; font: inherit;">BRL1.6</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million) and <div style="display: inline; font-style: italic; font: inherit;">11.5</div> million ordinary shares (<div style="display: inline; font-style: italic; font: inherit;">BRL5.00</div> per share) for a total amount of <div style="display: inline; font-style: italic; font: inherit;">BRL57.5</div> million (approximately <div style="display: inline; font-style: italic; font: inherit;">$16.6</div> million). The preferred and ordinary shares were issued on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2016 </div>and <div style="display: inline; font-style: italic; font: inherit;"> July 19, 2016, </div>respectively. Consequently as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>Tenaris owns <div style="display: inline; font-style: italic; font: inherit;">36.5</div> million ordinary shares and <div style="display: inline; font-style: italic; font: inherit;">1.3</div> million preferred shares of Usiminas.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;">2014,</div> a conflict arose between the T/T Group (comprising Confab and Ternium&#x2019;s subsidiaries Ternium Investments, Ternium Argentina and Prosid Investments) and Nippon Steel &amp; Sumitomo Metal Corporation (&#x201c;NSSMC&#x201d;) with respect to the governance of Usiminas.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> February 8, 2018, </div>Ternium Investments resolved the dispute with NSSMC, and on <div style="display: inline; font-style: italic; font: inherit;"> April 10, 2018, </div>the T/T Group entities (including Confab), NSSMC and Previd&ecirc;ncia Usiminas entered into a new shareholders&#x2019; agreement for Usiminas, amending and restating the previously existing shareholders agreement (the &#x201c;New SHA&#x201d;). Usiminas&#x2019; control group now holds, in the aggregate, <div style="display: inline; font-style: italic; font: inherit;">483.6</div> million ordinary shares bound to the New SHA, representing approximately <div style="display: inline; font-style: italic; font: inherit;">68.6%</div> of Usiminas&#x2019; voting capital, with the T/T Group holding approximately <div style="display: inline; font-style: italic; font: inherit;">47.1%</div> of the total shares held by the control group (<div style="display: inline; font-style: italic; font: inherit;">39.5%</div> corresponding to the Ternium entities and the other <div style="display: inline; font-style: italic; font: inherit;">7.6%</div> corresponding to Confab); NSSMC holding approximately <div style="display: inline; font-style: italic; font: inherit;">45.9%</div> of the total shares held by the control group; and Previd&ecirc;ncia Usiminas holding the remaining <div style="display: inline; font-style: italic; font: inherit;">7%</div> of the total shares held by the control group.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The New SHA reflects the agreed-upon corporate governance rules for Usiminas, including, among others, an alternation mechanism for the nomination of each of the chief executive officer and the Chairman of the board of directors, as well as a mechanism for the nomination of other members of Usiminas&#x2019; executive board. The New SHA also incorporates an exit mechanism consisting of a buy-and-sell procedure, exercisable at any time during the term of the New SHA after the <div style="display: inline; font-style: italic; font: inherit;">fourth</div>-and-a-half-year anniversary from the <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>election of Usiminas&#x2019; executive board. Such exit mechanism shall apply with respect to shares held by NSSMC and the T/T Group, and would allow either Ternium or NSSMC to purchase all or a majority of the Usiminas shares held by the other shareholder.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 115 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In connection with the execution of the New SHA, Confab and the Ternium entities amended and restated their separate shareholders&#x2019; agreement governing their respective rights and obligations as members of the T/T Group to include provisions relating to the exit mechanism and generally to conform such separate shareholders&#x2019; agreement to the other provisions of the New SHA. The rights of Confab and Ternium and its subsidiaries within the Ternium - Tenaris Group are governed under such amended and restated separate shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, accounted it for under the equity method (as defined by IAS <div style="display: inline; font-style: italic; font: inherit;">28</div>).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Techgen</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Techgen S.A. de C.V. (&#x201c;Techgen&#x201d;) is a Mexican joint venture company owned <div style="display: inline; font-style: italic; font: inherit;">48%</div> by Ternium, <div style="display: inline; font-style: italic; font: inherit;">30%</div> by Tecpetrol International S.A. and <div style="display: inline; font-style: italic; font: inherit;">22%</div> by Tenaris. Techgen operates a natural gas-fired combined electric power plant in the Pesquer&iacute;a area of the State of Nuevo Leon, M&eacute;xico. Tenaris, Ternium and Tecpetrol International S.A. are parties to a shareholders&#x2019; agreement relating to the governance of Techgen. In addition, the Company, Ternium and Tecpetrol International S.A. are under the indirect common control of San Faustin S.A., consequently Tenaris accounted it&#x2019;s interest under the equity method (as defined by IAS <div style="display: inline; font-style: italic; font: inherit;">28</div>).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris carries its investment in Ternium, Usiminas and Techgen under the equity method, with <div style="display: inline; font-style: italic; font: inherit;">no</div> additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset&#x2019;s carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div> </div></div>impairment provisions were recorded in any of the aforementioned investments. See Note <div style="display: inline; font-style: italic; font: inherit;">12.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment information</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company is organized in <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">one</div> </div>major business segment, Tubes, which is also the reportable operating segment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries. Corporate general and administrative expenses have been allocated to the Tubes segment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Others includes all other business activities and operating segments that are <div style="display: inline; font-style: italic; font: inherit;">not</div> required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing, utility conduits for buildings, heat exchangers, energy and raw materials that exceed internal requirements.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&#x2019;s Chief Operating Decision Maker (CEO) holds monthly meetings with senior management, in which operating and financial performance information is reviewed, including financial information that differs from IFRS principally as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciations;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Other timing differences, if any.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris presents its geographical information in <div style="display: inline; font-style: italic; font: inherit;">five</div> areas: North America, South America, Europe, Middle East and Africa and Asia Pacific. For purposes of reporting geographical information, net sales are allocated to geographical areas based on the customer&#x2019;s location; allocation of assets, capital expenditures and associated depreciations and amortizations are based on the geographical location of the assets.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left"></div> <!-- Field: Page; Sequence: 116 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Functional and presentation currency</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">IAS <div style="display: inline; font-style: italic; font: inherit;">21</div> (revised), &#x201c;The effects of changes in foreign exchange rates&#x201d; defines the functional currency as the currency of the primary economic environment in which an entity operates.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris&#x2019;s global operations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Except for the Brazilian and Italian subsidiaries whose functional currencies are their local currencies, Tenaris determined that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price <div style="display: inline; font-style: italic; font: inherit;"> may </div>consider exposure to fluctuation in the exchange rate versus the U.S. dollar;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Prices of their critical raw materials and inputs are priced and settled in U.S. dollars;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference currency;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Significant level of integration of the local operations within Tenaris&#x2019;s international global distribution network;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Net financial assets and liabilities are mainly received and maintained in U.S. dollars;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Transactions in currencies other than the functional currency</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in <div style="display: inline; font-style: italic;">Other financial results</div> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Translation of financial information in currencies other than the functional currency</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Results of operations for subsidiaries whose functional currencies are <div style="display: inline; font-style: italic; font: inherit;">not</div> the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the year-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in income as a gain or loss from the sale.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-indent: -0.5in"><div style="display: inline; font-weight: bold;">&nbsp;&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 117 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued initially at the fair market value of the assets acquired.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable that future economic benefits associated with the item will flow to the Company and the investment enhances the condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Cost <div style="display: inline; font-style: italic; font: inherit;"> may </div>also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">23</div>(R), &#x201c;Borrowing Costs&#x201d;. Assets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to depreciate the cost of each asset to its residual value over its estimated useful life, as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr> <td style="vertical-align: top; width: 4%; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; width: 56%; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Land</div></div></td> <td style="vertical-align: bottom; width: 40%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">No Depreciation</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Buildings and improvements </div></div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">30-50 years</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Plant and production equipment </div></div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">10-40 years</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Vehicles, furniture and fixtures, and other equipment</div></div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">4-10 years</div></div></td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The assets&#x2019; residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if appropriate, at each year-end date. An asset&#x2019;s carrying amount is written down immediately to its recoverable amount if the asset&#x2019;s carrying amount is greater than its estimated recoverable amount.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">16,</div> &#x201c;Property, Plant and Equipment&#x201d;, did <div style="display: inline; font-style: italic; font: inherit;">not</div> materially affect depreciation expenses for <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under <div style="display: inline; font-style: italic;">Other operating income </div>or <div style="display: inline; font-style: italic;">Other operating expenses</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Goodwill</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify"><div style="display: inline; font-style: normal">Goodwill represents the excess of the acquisition cost over the fair value of Tenaris&#x2019;s share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are <div style="display: inline; font-style: italic; font: inherit;">not</div> reversed. Goodwill is included in the Consolidated Statement of Financial Position under </div>Intangible assets, net.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">For the purpose of impairment testing, goodwill is allocated to a CGU or group of CGUs that are expected to benefit from the business combination which generated the goodwill being tested. </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information systems projects</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding <div style="display: inline; font-style: italic; font: inherit;">one</div> year and comply with the recognition criteria of IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> &#x201c;Intangible Assets&#x201d;.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 118 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, generally <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding a period of <div style="display: inline; font-style: italic; font: inherit;">3</div> years. Amortization charges are mainly classified as <div style="display: inline; font-style: italic;">Selling, general and administrative expenses</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> materially affect amortization expenses for <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Licenses, patents, trademarks and proprietary technology</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their estimated useful lives, and does <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed a period of <div style="display: inline; font-style: italic; font: inherit;">10</div> years. Amortization charges are mainly classified as <div style="display: inline; font-style: italic;">Selling, general and administrative expenses</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$86.7</div></div></div> million at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> and are included in Hydril CGU. Main factors considered in the determination of the indefinite useful lives include the years that they have been in service and their recognition among customers in the industry.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> materially affect amortization expenses for <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">4</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Research and development</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Research expenditures as well as development costs that do <div style="display: inline; font-style: italic; font: inherit;">not</div> fulfill the criteria for capitalization are recorded as <div style="display: inline; font-style: italic;">Cost of sales</div> in the Consolidated Income Statement as incurred. Research and development expenditures included in <div style="display: inline; font-style: italic;">Cost of sales</div> for the years <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> totaled <div style="display: inline; font-style: italic; font: inherit;">$61.1</div> million, <div style="display: inline; font-style: italic; font: inherit;">$63.4</div> million and <div style="display: inline; font-style: italic; font: inherit;">$63.7</div> million, respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Capitalized costs were <div style="display: inline; font-style: italic; font: inherit;">not</div> material for the years <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: -0.5in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">5</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Customer relationships</div></td> </tr> </table> <div style=" margin: 0pt 0.9pt 0pt 13.85pt; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">In accordance with IFRS <div style="display: inline; font-style: italic; font: inherit;">3,</div> "Business Combinations" and IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick and Hydril groups, as well as the more recent acquisition of SSP.</div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful life of approximately <div style="display: inline; font-style: italic; font: inherit;">14</div> years for Maverick, <div style="display: inline; font-style: italic; font: inherit;">10</div> years for Hydril and <div style="display: inline; font-style: italic; font: inherit;">9</div> years for SSP.</div> <div style=" margin: 0pt 0.9pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In <div style="display: inline; font-style: italic; font: inherit;">2018</div> the Company reviewed the useful life of Maverick&#x2019;s Tubes customer relationships and decided to reduce the remaining useful life from <div style="display: inline; font-style: italic; font: inherit;">2</div> years to <div style="display: inline; font-style: italic; font: inherit;">zero</div>, consequently a higher amortization charge of approximately <div style="display: inline; font-style: italic; font: inherit;">$109</div> million was recorded in the Consolidated Income Statement under <div style="display: inline; font-style: italic;">Selling, general and administrative expenses</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the net book value of SSP&#x2019;s customer relationship amounts to <div style="display: inline; font-style: italic; font: inherit;">$72.9</div> million, with a residual useful life of <div style="display: inline; font-style: italic; font: inherit;">8</div> years. Maverick&#x2019;s coiled tubing customer relationships amounts to <div style="display: inline; font-style: italic; font: inherit;">$9.9</div> million with a residual useful life of <div style="display: inline; font-style: italic; font: inherit;">1</div> year, while Hydril&#x2019;s customer relationships is fully amortized.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 119 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of non-financial assets</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (cash generating units, or CGU). Most of the Company&#x2019;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiary represents the lowest level of asset aggregation that generates largely independent cash inflows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In assessing whether there is any indication that a CGU <div style="display: inline; font-style: italic; font: inherit;"> may </div>be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris&#x2019;s cash flow projections and the business condition in terms of competitive and economic factors, such as the cost of raw materials, oil and gas prices, capital expenditure programs for Tenaris&#x2019;s customers and the evolution of the rig count.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">An impairment loss is recognized for the amount by which the asset&#x2019;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#x2019;s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(a)</td> <td style="width: 5pt"></td> <td style="text-align: justify">first, to reduce the carrying amount of any goodwill allocated to the CGU; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(b)</td> <td style="width: 5pt"></td> <td style="text-align: justify">then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering <div style="display: inline; font-style: italic; font: inherit;">not</div> to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or zero.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris regularly conducts assessments of the carrying values of its assets. The value-in-use was used to determine the recoverable value. Value-in-use is calculated by discounting the estimated cash flows over a <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period based on forecasts approved by management. For the subsequent years beyond the <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period, a terminal value is calculated based on perpetuity.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris&#x2019;s main source of revenue is the sale of products and services to the oil and gas industry and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For purposes of assessing key assumptions, Tenaris uses external sources of information and management judgment based on past experience.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive and economic factors applied to determine Tenaris&#x2019;s cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Management has determined the value of each of the key assumptions as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Discount rate: based on the applicable weighted average cost of capital (WACC), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets are allocated, a specific WACC was determined taking into account the industry, country and size of the business. In <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the main discount rates used were in a range between <div style="display: inline; font-style: italic; font: inherit;">8.2%</div> and <div style="display: inline; font-style: italic; font: inherit;">15.9%.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Growth rate: considers the long-term average growth rate for the oil and gas industry, the inflation impact on prices and costs, the higher demand to offset depletion of existing fields and the Company&#x2019;s expected market penetration. In <div style="display: inline; font-style: italic; font: inherit;">2019,</div> a nominal growth rate of <div style="display: inline; font-style: italic; font: inherit;">2%</div> was considered.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 120 --> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Oil and gas prices: based on industry analysts&#x2019; reports and&nbsp;management&#x2019;s expectations of market development respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Rig count: based on information published by Baker Hughes and management&#x2019;s expectations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">- Raw material costs: based on industry analysts&#x2019; reports and management&#x2019;s expectations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The main factors that could result in additional impairment charges in future periods would be an increase in the discount rate or a decrease in growth rate used in the Company&#x2019;s cash flow projections, a deterioration of the business, competitive and economic factors, such as a decrease in oil and gas prices, and the evolution of the rig count.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For the CGU with significant amount of goodwill assigned in comparison to the total amount of goodwill, Tenaris has determined that the CGU for which a reasonable possible change in the key assumption would cause the CGUs&#x2019; carrying amount to exceed its recoverable amount was OCTG USA.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In OCTG USA, the recoverable amount calculated based on value in use exceeded carrying value by <div style="display: inline; font-style: italic; font: inherit;">$108</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The following changes in key assumptions, at CGU OCTG &#x2013; USA, assuming unchanged values for the other assumptions, would cause the recoverable amount to be equal to the respective carrying value as of the impairment tests:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 76%; border: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Increase in the discount rate</div></td> <td style="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">95 Bps</div></div></td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Decrease of the growth rate</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">-1.6 %</div></div></td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Decrease of the cash flow projections</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">-15.3 %</div></div></td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">No</div> impairment charge was recorded in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">H</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<div style="display: inline; font-weight: bold;">Other investments</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more than <div style="display: inline; font-style: italic; font: inherit;">three</div> months at the date of purchase.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Certain non-derivative financial assets that the Company held <div style="display: inline; font-style: italic; font: inherit;">not</div> for trading have been categorized as financial assets &#x201c;at fair value through other comprehensive income&#x201d; (&#x201c;FVOCI&#x201d;). They are carried at fair value and interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement. FVOCI instruments with maturities greater than <div style="display: inline; font-style: italic; font: inherit;">12</div> months after the balance sheet date are included in non-current assets.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Other investments in financial instruments and time deposits are categorized as financial assets &#x201c;at fair value through profit or loss&#x201d; because such investments are held for trading and their performance is evaluated on a fair value basis. The results of these investments are recognized in <div style="display: inline; font-style: italic;">Financial Results</div> in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Purchases and sales of financial investments are recognized as of their settlement date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is <div style="display: inline; font-style: italic; font: inherit;">not</div> active or the securities are <div style="display: inline; font-style: italic; font: inherit;">not</div> listed, Tenaris estimates the fair value by using standard valuation techniques. See Section III Financial Risk Management.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;<div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 121 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs, and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. Goods in transit as of year-end are valued based on the supplier&#x2019;s invoice cost.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management&#x2019;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">J&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is unconditional unless they contain significant financing components. The Company holds trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Due to the short-term nature, their carrying amount is considered to be the same as their fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris applies the IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div> &#x201c;Financial Instruments&#x201d; simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of <div style="display: inline; font-style: italic; font: inherit;">three</div> years and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">K&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less than <div style="display: inline; font-style: italic; font: inherit;">three</div> months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which approximates fair market value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In the Consolidated Statement of Financial Position, bank overdrafts are included in <div style="display: inline; font-style: italic;">Borrowings</div> in current liabilities.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For the purposes of the Consolidated Statement of Cash Flows, <div style="display: inline; font-style: italic;">Cash and cash equivalents</div> includes overdrafts.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">L&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Equity components</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Consolidated Statement of Changes in Equity includes:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance with Luxembourg law;</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt">The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in accordance with IFRS.</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Share capital</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company has an authorized share capital of a single class of <div style="display: inline; font-style: italic; font: inherit;">2.5</div> billion shares having a nominal value of <div style="display: inline; font-style: italic; font: inherit;">$1.00</div> per share. Total ordinary shares issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> are <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">1,180,536,830</div></div></div></div></div> </div>with a par value of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$1.00</div></div></div> per share with <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">one</div> </div></div>vote each. All issued shares are fully paid.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 122 --> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Dividends distributions are recorded in the Company&#x2019;s financial statements when Company&#x2019;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Dividends <div style="display: inline; font-style: italic; font: inherit;"> may </div>be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. See Note <div style="display: inline; font-style: italic; font: inherit;">25</div> (iii).</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">N&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current and Deferred income tax</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The income tax expense or credit for the period is the tax payable on the current period&#x2019;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Tax is recognized in the Consolidated Income Statement, except for tax items recognized in other comprehensive income or directly in equity.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company&#x2019;s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for pension plans and fair value adjustments of assets acquired in business combinations. Deferred tax assets are also recognized for net operating loss carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax liabilities and assets are <div style="display: inline; font-style: italic; font: inherit;">not</div> recognized for temporary differences between the carrying amount and tax basis of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will <div style="display: inline; font-style: italic; font: inherit;">not</div> reverse in the foreseeable future.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the Consolidated Income Statement or to the item <div style="display: inline; font-style: italic;">Other comprehensive income for the year </div>in the Consolidated Statement of Comprehensive Income, depending on the account to which the original amount was charged or credited.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 123 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">O&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Short-term obligations</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Liabilities for wages and salaries are recognized in respect of employees&#x2019; services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Post employment benefits</td> </tr> </table> <div style=" margin: 0pt 0 0pt 22.5pt; font-size: 10pt; font-style: italic; text-align: justify; text-indent: -22.5pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on <div style="display: inline; font-style: italic; font: inherit;">one</div> or more factors such as age, years of service and compensation.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in <div style="display: inline; font-style: italic;">Other comprehensive income</div> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For defined benefit plans, net interest income/expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years of service and final average salary. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for this plan amounts to <div style="display: inline; font-style: italic; font: inherit;">$45.3</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Employees&#x2019; service rescission indemnity: the cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability accrued for employees at Tenaris&#x2019;s Italian subsidiary. As from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2007 </div>as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, Tenaris&#x2019;s Italian subsidiary pays every year the required contribution to the funds with <div style="display: inline; font-style: italic; font: inherit;">no</div> further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only limited to the contributions of <div style="display: inline; font-style: italic; font: inherit;">2007</div> onwards. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for this plan amounts to <div style="display: inline; font-style: italic; font: inherit;">$17.3</div> million.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of investments in equities and money market funds. Both plans were replaced for defined contribution plans. Effective <div style="display: inline; font-style: italic; font: inherit;"> June 2016 </div>the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for this plan amounts to <div style="display: inline; font-style: italic; font: inherit;">$9.8</div> million.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 17.85pt"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Funded retirement benefit plan held in the US for the benefit of some employees hired prior a certain date, frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an unfunded postretirement health and life plan is present that offers limited medical and life insurance benefits to the retirees, hired before a certain date. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the outstanding liability for these plans amounts to <div style="display: inline; font-style: italic; font: inherit;">$13.4</div> million.</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 124 --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Other long term benefits</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2007,</div> Tenaris launched an employee retention and long term incentive program (the &#x201c;Program&#x201d;) applicable to certain senior officers and employees of the Company, who will be granted a number of Units throughout the duration of the Program. The value of each of these Units is based on Tenaris&#x2019;s shareholders&#x2019; equity (excluding non-controlling interest). Also, the beneficiaries of the Program are entitled to receive cash amounts based on (i) the amount of dividend payments made by Tenaris to its shareholders, and (ii) the number of Units held by each beneficiary to the Program. Until <div style="display: inline; font-style: italic; font: inherit;">2017</div> units were vested ratably over a period of <div style="display: inline; font-style: italic; font: inherit;">four</div> years and were mandatorily redeemed by the Company <div style="display: inline; font-style: italic; font: inherit;">ten</div> years after grant date, with the option of an early redemption at <div style="display: inline; font-style: italic; font: inherit;">seven</div> years after the grant date. Since <div style="display: inline; font-style: italic; font: inherit;">2018</div> units are vested ratably over the same period and are mandatorily redeemed by the Company <div style="display: inline; font-style: italic; font: inherit;">seven</div> years after grant date. The payment of the benefit is tied to the book value of the shares, and <div style="display: inline; font-style: italic; font: inherit;">not</div> to their market value. Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS <div style="display: inline; font-style: italic; font: inherit;">19,</div> &#x201c;Employee Benefits&#x201d;.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> the outstanding liability corresponding to the Program amounts to <div style="display: inline; font-style: italic; font: inherit;">$99.0</div> million and <div style="display: inline; font-style: italic; font: inherit;">$91.2</div> million, respectively. The total value of the units granted (vested and unvested) to date under the program, considering the number of units and the book value per share as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> is <div style="display: inline; font-style: italic; font: inherit;">$119.9</div> million and <div style="display: inline; font-style: italic; font: inherit;">$106</div> million, respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">4</div>)</td> <td style="width: 5pt"></td> <td style="text-align: left">Termination benefits</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits at the earlier of the following dates: (a) when it can <div style="display: inline; font-style: italic; font: inherit;">no</div> longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <div style="display: inline; font-style: italic; font: inherit;">37</div> and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-style: italic; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">5</div>)</td> <td style="width: 5pt"></td> <td style="text-align: justify">Other compensation obligations</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations obligations are accrued as earned.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 66.55pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">P&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a <div style="display: inline; font-style: italic; font: inherit;">third</div> party is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris&#x2019;s potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a potential loss from a claim or proceeding is considered probable and the amount can be reliably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration Tenaris&#x2019;s litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. As the scope of liabilities become better defined, there <div style="display: inline; font-style: italic; font: inherit;"> may </div>be changes in the estimates of future costs which could have a material adverse effect on its results of operations, financial condition and cash flows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">This note should be read in conjunction with Note <div style="display: inline; font-style: italic; font: inherit;">25.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">Q &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and subsequently measured at amortized cost. They are presented as current liabilities unless payment is <div style="display: inline; font-style: italic; font: inherit;">not</div> due within <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months after the reporting period. Due to the short-term nature their carrying amounts are considered to be the same as their fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 125 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">R&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue recognition</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of Tenaris&#x2019;s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Revenue is recognized at a point in time or over time from sales when control has been transferred and there is <div style="display: inline; font-style: italic; font: inherit;">no</div> unfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. These conditions are determined and analyzed on a contract by contract basis to ensure that all performance obligations are fulfilled; in particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal; color: black">For bill and hold transactions</div> <div style="display: inline; font-weight: normal">revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the ability to use the product or to direct it to another customer; (d) the usual payment terms apply.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company&#x2019;s contracts with customers do <div style="display: inline; font-style: italic; font: inherit;">not</div> provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return are based on expected value considering past experience and contract conditions.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: normal">Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are <div style="display: inline; font-style: italic; font: inherit;">not</div> directly observable, they are estimated based on the expected cost plus margin.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and include:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Pipe Management Services. </div>This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Field Services. </div>Comprises&nbsp;field technical support and running assistance.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">These services are rendered in connection to the sales of goods and are attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are <div style="display: inline; font-style: italic; font: inherit;">no</div> distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Revenue from providing services is recognized over time in the accounting period in which the services are rendered. The following inputs and outputs methods are applied to recognize revenue considering the nature of service:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Storage services</div>, the Company provides storage services in owned or <div style="display: inline; font-style: italic; font: inherit;">third</div>-party warehouses, subject to a variable fee to be invoiced. This fee is determined based on the time that the customer maintains the material in the warehouse and the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Freights, </div>the Company recognized the revenue on a pro rata bases considering the units delivered and time elapsed.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">Field services</div>, the revenue is recognized considering outputs method, in particular surveys of service completion provided by the customer.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify"></div> <!-- Field: Page; Sequence: 126 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds <div style="display: inline; font-style: italic; font: inherit;">one</div> year. As a consequence, considering that the contracts do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any significant financing component, the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> adjust any of the transaction prices for the time value of money. For this reason, the Company is also applying the practical expedient <div style="display: inline; font-style: italic; font: inherit;">not</div> to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with <div style="display: inline; font-style: italic; font: inherit;">no</div> incremental service to the customer. Accordingly, warranties do <div style="display: inline; font-style: italic; font: inherit;">not</div> constitute a separate performance obligation.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">Other revenues earned by Tenaris are recognized on the following basis:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Interest income: on the effective yield basis.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Dividend income from investments in other companies: when Tenaris&#x2019;s right to receive payment is established.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Wingdings">&sect;</div></td> <td style="text-align: justify">Construction contracts revenues is recognized in accordance with the stage of the project completion.</td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.25in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">S&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales and other selling expenses</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis of accounting.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in <div style="display: inline; font-style: italic;">Selling, general and administrative expenses </div>in the Consolidated Income Statement.</div> <div style=" font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; font-weight: bold; text-indent: 0in; margin: 0pt 0">T&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per share</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Earnings per share are calculated by dividing the income attributable to owners of the parent by the daily weighted average number of common shares outstanding during the year.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> dilutive potential ordinary shares.</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">U&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowings and trade and other payables.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Company classifies its financial instruments according to the following measurement categories:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 14.2pt"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 14.2pt"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify">those to be measured at amortised cost</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The classification depends on the Company&#x2019;s business model for managing the financial assets and contractual terms of the cash flows.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset <div style="display: inline; font-style: italic; font: inherit;">not</div> at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Subsequent measurement of debt instruments depends on the Company&#x2019;s business model for managing the asset and the cash flow characteristics of the asset. There are <div style="display: inline; font-style: italic; font: inherit;">three</div> measurement categories into which the Company classifies its debt instruments:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 127 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#x2019; cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Fair value through profit and loss (&#x201c;FVPL&#x201d;): Assets that do <div style="display: inline; font-style: italic; font: inherit;">not</div> meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">For equity instruments, these are subsequently measured at fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0in; margin: 0pt 0">V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets held for sale and discontinued operations</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits and financial assets that are carried at fair value.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increase in fair value less costs to sell of an asset (or disposal group), but <div style="display: inline; font-style: italic; font: inherit;">not</div> in excess of any cumulative impairment loss previously recognized.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-current assets (including those that are part of a disposal group) are <div style="display: inline; font-style: italic; font: inherit;">not</div> depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the Consolidated Income Statement. See Note <div style="display: inline; font-style: italic; font: inherit;">29.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">16</div></div></td> <td><div style="display: inline; font-weight: bold;">Current tax assets and liabilities</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Current tax assets</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">V.A.T. credits</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,161</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,322</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Prepaid taxes</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,227</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,010</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">167,388</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,332</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Current tax liabilities</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Income tax liabilities</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,994</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">182,711</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">V.A.T. liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,953</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,091</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other taxes</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,678</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,431</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,625</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">250,233</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">17</div></div></td> <td><div style="display: inline; font-weight: bold;">Trade receivables, net</div></td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Current accounts</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,387,494</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,778,796</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Receivables from related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,448</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,105</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,396,942</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,803,901</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allowance for doubtful accounts (see Note 23 (i))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(48,782</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(66,535</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">The following table sets forth details of the aging of trade receivables:&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Past due</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Trade Receivables</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Not Due</div>&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">1 - 180 days</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&gt;180 days</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; font-size: 10pt">Guaranteed</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,427</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">205,764</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,899</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Not guaranteed</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,162,515</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">948,449</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">157,960</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,106</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Guaranteed and not guaranteed</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,396,942</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,154,213</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">184,859</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">57,870</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected loss rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.09</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.57</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Allowances for doubtful accounts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,294</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(529</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(455</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(310</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Nominative allowances for doubtful accounts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,488</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,922</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(45,566</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Net Value</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,153,684</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">182,482</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,994</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Past due</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">Trade Receivables</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Not Due</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-left: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">1 - 180 days</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&gt;180 days</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; font-size: 10pt">Guaranteed</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">286,250</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,743</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,884</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">623</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Not guaranteed</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,517,651</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,180,788</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,675</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76,188</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Guaranteed and not guaranteed</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,803,901</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,435,531</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">291,559</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76,811</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected loss rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.07</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.17</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Allowances for doubtful accounts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,396</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(564</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(510</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(322</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Nominative allowances for doubtful accounts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(65,139</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,436</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(63,703</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Net Value</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,434,967</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">289,613</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,786</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">Trade receivables are mainly denominated in <div style="display: inline; color: black">U.S. dollars.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(i)</div></div></td> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Transactions</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">(a) Sales of goods and services</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%">&nbsp;</td> <td style="width: 59%; font-size: 10pt; text-align: left">Sales of goods to non-consolidated parties</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,577</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,709</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,362</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Sales of goods to other related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">69,972</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">131,548</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,624</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Sales of services to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,620</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,641</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Sales of services to other related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,386</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,647</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,751</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100,555</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,545</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">142,374</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">(b) Purchases of goods and services</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Purchases of goods to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">174,588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">245,186</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,361</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Purchases of goods to other related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,765</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">106,624</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,711</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Purchases of services to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,404</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,556</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,077</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Purchases of services to other related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,514</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,179</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,794</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">290,271</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,545</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,943</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31,</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">(ii)</div></div></td> <td style="font-size: 10pt; font-weight: bold">Period-end balances</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">(a) Arising from sales / purchases of goods / services</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: right">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%">&nbsp;</td> <td style="width: 71%; font-size: 10pt; text-align: left">Receivables from non-consolidated parties</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,884</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 9%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">122,136</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Receivables from other related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,419</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left">Payables to non-consolidated parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,100</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(33,197</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payables to other related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,048</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,595</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95,763</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">(b) Financial debt</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finance lease liabilities from non-consolidated parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,064</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,064</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> 35000 27153000 7110000 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2149000 38000 390000 600000 1900000 -5018000 -4936000 6870000000 424000000 7294000000 7233000000 426000000 7659000000 4966000000 323000000 5289000000 12000000 5757000000 6042000000 4034000000 534000000 602000000 484000000 579000000 589000000 448000000 7294055000 7658588000 5288504000 3429911000 1391288000 738880000 1382172000 351804000 3611509000 1462044000 724733000 1559988000 300314000 2451357000 1142142000 545777000 937439000 211789000 11899000 10192818000 11454807000 3790206000 3766241000 48061000 42244000 51525000 5620000 7641000 11637000 4386000 5647000 3751000 20577000 23709000 32362000 69972000 131548000 94624000 170600000 27807000 194808000 10511000 233126000 1365974000 1509976000 1270016000 -10781000 -9066000 -19847000 -19847000 1848000 -3987000 -2139000 -2139000 -9548000 136000 -9412000 -9412000 -9878000 -3855000 -376000 82000000 194000000 116000000 82036000 193994000 116140000 728000000 1166697000 160198000 1274474000 1250783000 1144341000 269288000 186952000 -15252000 -14447000 -13000 1824000 -62968000 -547000 186752000 207422000 6456000 100123000 24637000 25225000 34497000 555887000 555887000 693673000 693673000 9448000 25105000 0 0 121200000 3276000 565000 31184000 6849000 291000 28154000 0.024 1180537000 1180537000 1180537000 612888000 709497000 11880000 -3219000 8661000 2638000 6463000 9101000 -34368000 30144000 -4564000 66000000 65000000 1294000 529000 455000 310000 1396000 564000 510000 322000 4892000 6784000 0.0095 -0.016 -0.153 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 76%; border: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Increase in the discount rate</div></td> <td style="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">95 Bps</div></div></td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Decrease of the growth rate</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">-1.6 %</div></div></td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt">Decrease of the cash flow projections</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">-15.3 %</div></div></td> </tr> </table></div> 63136000 95763000 50000 43000 88000 1.26 1.48 0.92 1.26 1.48 0.77 792642000 18352000 23690000 834684000 518002000 5446000 5937000 20314000 549699000 119900000 106000000 1554299000 428361000 330221000 34000000 26000000 22 9.83 2.44 9.51 2.36 690095000 776713000 591989000 91542000 0 0.96 0.83 0 0 0.93 0.97 0.07 0.03 29138000 25457000 -12917000 5948000 8220000 18621000 428791000 432497000 383490000 7403000 4849034000 5435337000 4496875000 870261000 855040000 778408000 284758000 185782000 183370000 115663000 119507000 88823000 2709629000 3400396000 2794503000 222415000 275130000 244035000 100738000 133308000 18542000 -337000 -192000 781258000 508143000 24000 1644000 10000 11000 153009000 148069000 64994000 182711000 52678000 49431000 55227000 54010000 48782000 66535000 1387494000 1778796000 0.0009 0.0004 0.0024 0.0057 0.0007 0.0004 0.0017 0.0043 1396942000 1803901000 1154213000 184859000 57870000 1435531000 291559000 76811000 234427000 205764000 26899000 1764000 286250000 254743000 30884000 623000 47488000 1922000 45566000 65139000 1436000 63703000 1162515000 948449000 157960000 56106000 1517651000 1180788000 260675000 76188000 0.47 0.428 0.22 0.06 0.04 952000 -164000 788000 338000000 35000 35000 823000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Deferred tax assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(225,680</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(181,606</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">336,982</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">379,039</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,302</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">197,433</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">197,433</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,438</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">823</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,100</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,171</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,847</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Charged directly to Other Comprehensive Income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(838</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,898</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement credit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(113,897</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,302</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">197,433</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">34</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Delisting of Tenaris&#x2019;s shares from the Buenos Aires stock exchange</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 29, 2019, </div>the General Shareholders Meeting approved the delisting of the Company&#x2019;s shares from the Buenos Aires stock exchange, Bolsas y Mercados Argentinos S.A. (&#x201c;BYMA&#x201d;), through a voluntarily withdrawal from listing of the Argentine National Securities Commission (Comisi&oacute;n Nacional de Valores, or &#x201c;CNV&#x201d;) pursuant to Article <div style="display: inline; font-style: italic; font: inherit;">32,</div> clause c), Section VIII, Chapter II of Title III of the rules (Normas) of the CNV, which permits the Company to delist from BYMA without making a delisting public tender offer. On <div style="display: inline; font-style: italic; font: inherit;"> September 19, 2019, </div>the CNV authorized the delisting of the Company&#x2019;s shares in Argentina, and such delisting became effective as of the close of business on <div style="display: inline; font-style: italic; font: inherit;"> October 10, 2019.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Although shareholders holding shares through Caja de Valores S.A. (&#x201c;CVSA&#x201d;) on <div style="display: inline; font-style: italic; font: inherit;"> June 11, 2019 </div>who were absent from the General Shareholders Meeting were entitled to appraisal rights provided pursuant to article <div style="display: inline; font-style: italic; font: inherit;">22</div> of the Company&#x2019;s articles of association, <div style="display: inline; font-style: italic; font: inherit;">no</div> shareholder eligible to do so exercised such right.</div></div> 28727000 18115000 -2753000 18999000 888000 -576000 -6542000 588000 203000 -234000 -131000 -190000 271000 103000 522000 -200000 2089000 -345000 -23000 -30000 -30000 18115000 -2753000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of presentation</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#x201c;IFRS&#x201d;), as issued by the International Accounting Standards Board (&#x201c;IASB&#x201d;) and in accordance with IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (&#x201c;$&#x201d;).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the current year.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Following the sale of the steel electric conduit business in North America, known as Republic Conduit, in <div style="display: inline; font-style: italic; font: inherit;"> January 2017, </div>the results of the mentioned business are presented as discontinued operations in accordance with IFRS <div style="display: inline; font-style: italic; font: inherit;">5,</div> "Non-current Assets Held for Sale and Discontinued Operations". Consequently, all comparative amounts related to discontinued operations within each line item of the Consolidated Income Statement are reclassified into discontinued operations. The Consolidated Statement of Cash Flows includes the cash flows for continuing and discontinued operations. Cash flows from discontinued operations and earnings per share are disclosed separately in Note <div style="display: inline; font-style: italic; font: inherit;">29,</div> as well as additional information detailing net assets of disposal group classified as held for sale and discontinued operations.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent assets and liabilities, revenues and expenses. Actual results <div style="display: inline; font-style: italic; font: inherit;"> may </div>differ from these estimates. The main areas involving significant estimates or judgements are: Impairment of goodwill and long-lived assets (note II.G); Income Taxes (note II.N); Loss contingencies (note II.P); Defined benefit obligations (note II.O), Business Combinations (notes II.B, <div style="display: inline; font-style: italic; font: inherit;">III.27</div>); Useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.G).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-style: italic;">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Accounting pronouncements applicable as from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and relevant for Tenaris</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt">IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> &#x201c;Leases&#x201d;</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has adopted IFRS <div style="display: inline; font-style: italic; font: inherit;">16</div> &#x201c;Leases&#x201d; from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019. </div>In accordance with the transition provisions in IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> Tenaris has adopted the new rules using the modified retrospective approach, meaning that reclassifications of the adoption was recognized in the opening balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and that comparatives were <div style="display: inline; font-style: italic; font: inherit;">not</div> restated.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Upon adoption of IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> Tenaris recognized lease liabilities in relation to leases which had previously been classified as &#x201c;operating leases&#x201d; under the principles of IAS <div style="display: inline; font-style: italic; font: inherit;">17</div> &#x201c;Leases&#x201d;. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee&#x2019;s incremental borrowing rate as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019. </div>The associated right-of-use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018. </div>The difference between the amount of the lease liability recognized in the statement of financial position at the date of initial application and the operating lease commitments under IAS <div style="display: inline; font-style: italic; font: inherit;">17</div> is related to leases with a duration lower than <div style="display: inline; font-style: italic; font: inherit;">12</div> months, low value leases and/or leases with clauses related to variable payments.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#x2019;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.</div> <div style=" margin: 0pt 0 0pt 28.05pt; font-size: 10pt; text-align: justify; text-indent: -28.05pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expenses in profit or loss. Short-term leases are leases with a lease term of <div style="display: inline; font-style: italic; font: inherit;">12</div> months or less. Low-value comprise mainly IT equipment and small items of office furniture.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or <div style="display: inline; font-style: italic; font: inherit;">not</div> exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or <div style="display: inline; font-style: italic; font: inherit;">not</div> terminated).</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">IFRIC <div style="display: inline; font-style: italic; font: inherit;">23,</div> "Uncertainty over Income Tax Treatments"</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Tenaris has adopted IFRIC <div style="display: inline; font-style: italic; font: inherit;">23</div> &#x201c;Uncertainty over Income Tax Treatments&#x201d; from <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019. </div>This interpretation clarifies how the recognition and measurement requirements of IAS <div style="display: inline; font-style: italic; font: inherit;">12</div> &#x201c;Income taxes&#x201d; are applied where there is uncertainty over income tax treatments.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Other accounting pronouncements that became effective during <div style="display: inline; font-style: italic; font: inherit;">2019</div> have <div style="display: inline; font-style: italic; font: inherit;">no</div> material effect on the Company&#x2019;s financial condition or results of operations.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: justify">N&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current and Deferred income tax</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The income tax expense or credit for the period is the tax payable on the current period&#x2019;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Tax is recognized in the Consolidated Income Statement, except for tax items recognized in other comprehensive income or directly in equity.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company&#x2019;s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for pension plans and fair value adjustments of assets acquired in business combinations. Deferred tax assets are also recognized for net operating loss carry-forwards. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable income will allow the deferred tax asset to be recovered.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax liabilities and assets are <div style="display: inline; font-style: italic; font: inherit;">not</div> recognized for temporary differences between the carrying amount and tax basis of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will <div style="display: inline; font-style: italic; font: inherit;">not</div> reverse in the foreseeable future.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the Consolidated Income Statement or to the item <div style="display: inline; font-style: italic;">Other comprehensive income for the year </div>in the Consolidated Statement of Comprehensive Income, depending on the account to which the original amount was charged or credited.</div></div></div></div></div></div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Cash and cash equivalents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; font-size: 10pt; text-align: left">Cash at banks</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,314</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,211</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Liquidity funds</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,697</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,198</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Short &#x2013; term investments</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">269,288</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,952</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,299</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,361</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Other investments - current</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Bonds and other fixed Income</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">187,324</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">210,376</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">487,734</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Other investments - Non-current</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Bonds and other fixed Income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,829</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,934</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,155</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Past due</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Trade Receivables</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Not Due</div>&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-left: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">1 - 180 days</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&gt;180 days</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; font-size: 10pt">Guaranteed</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,427</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">205,764</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,899</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Not guaranteed</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,162,515</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">948,449</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">157,960</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,106</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Guaranteed and not guaranteed</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,396,942</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,154,213</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">184,859</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">57,870</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected loss rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.09</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.57</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Allowances for doubtful accounts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,294</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(529</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(455</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(310</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Nominative allowances for doubtful accounts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,488</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,922</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(45,566</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Net Value</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,153,684</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">182,482</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,994</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"></td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Past due</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">Trade Receivables</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Not Due</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-left: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">1 - 180 days</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&gt;180 days</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 44%; font-size: 10pt">Guaranteed</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">286,250</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,743</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,884</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 11%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">623</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Not guaranteed</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,517,651</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,180,788</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,675</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76,188</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Guaranteed and not guaranteed</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,803,901</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,435,531</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">291,559</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">76,811</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected loss rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.07</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.17</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Allowances for doubtful accounts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,396</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(564</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(510</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(322</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Nominative allowances for doubtful accounts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(65,139</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,436</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(63,703</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Net Value</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,434,967</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">289,613</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,786</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td colspan="5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Year ended December 31,</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Discount rate</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">1%</div> - <div style="display: inline; font-style: italic; font: inherit;">7%</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2%</div> - <div style="display: inline; font-style: italic; font: inherit;">7%</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Rate of compensation increase</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0%</div> - <div style="display: inline; font-style: italic; font: inherit;">3%</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0%</div> - <div style="display: inline; font-style: italic; font: inherit;">3%</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Year ended December 31,</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Discount rate</td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">3 % - 4 %</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">4 % - 5 %</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Rate of compensation increase</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0 % - 3 %</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">0 % - 3 %</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; text-align: left">Audit fees</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,846</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,841</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,995</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Audit-related fees</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">43</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Tax fees</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">All other fees</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,904</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,891</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non current</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,187</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(229</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">669</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Proceeds and repayments, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,582</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">203,931</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interests accrued less payments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,950</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,733</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,733</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to Business Combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,933</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,789</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Overdrafts variation</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,620</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,880</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">18</div></div></td> <td><div style="display: inline; font-weight: bold;">Cash and cash equivalents and other investments</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Cash and cash equivalents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 74%; font-size: 10pt; text-align: left">Cash at banks</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,314</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,211</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Liquidity funds</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,697</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,198</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Short &#x2013; term investments</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">269,288</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,952</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,299</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,361</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Other investments - current</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fixed Income (time-deposit, zero coupon bonds, commercial papers)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Bonds and other fixed Income</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">187,324</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">210,376</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">487,734</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Other investments - Non-current</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Bonds and other fixed Income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,829</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,934</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,155</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.75pt"><div style="display: inline; font-style: italic; font: inherit;">23</div></td> <td>Current allowances and provisions</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: normal"><div style="display: inline; font-style: italic;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deducted from assets</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for doubtful<br /> accounts - Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for other doubtful<br /> accounts - Other receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for <br /> inventory obsolescence</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(66,535</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,784</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(209,796</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">794</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,788</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,761</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additional / reversals allowances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,256</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,239</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(29,138</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,276</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,184</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(48,782</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,892</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(217,717</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; font-weight: bold">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for doubtful<br /> accounts - Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for other doubtful<br /> accounts - Other receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for <br /> inventory obsolescence</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(78,385</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,255</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(216,068</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,423</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">329</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">359</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,575</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additional allowances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,751</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,179</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(25,457</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,849</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">291</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,154</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(66,535</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,784</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(209,796</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <!-- Field: Page; Sequence: 152 --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-style: italic;">(ii)</div></td> <td><div style="display: inline; font-style: italic;">Liabilities</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales risks</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other claims and<br /> contingencies</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,814</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,469</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,283</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(28</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(570</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(598</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">505</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,505</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additional/ reversals provisions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,880</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,219</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,641</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,641</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13,304</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,889</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,193</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,867</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,150</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,017</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt"><div style="display: inline; font-style: italic;"></div></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales risks</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other claims and<br /> contingencies</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,396</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,934</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,330</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(103</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,205</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,308</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Additional provisions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,638</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,463</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,101</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,117</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,129</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,246</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,814</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,469</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,283</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fixed assets (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intangible and Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">710,995</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,048</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,532</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">782,575</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(347</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(351</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,621</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,209</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,830</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">423</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">423</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge / (credit)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(64,930</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,652</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,902</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,680</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">651,339</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,396</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,062</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">788,797</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fixed assets (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intangible and Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">744,926</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,934</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,585</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">835,445</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(876</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">92</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(784</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(33,055</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,886</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,468</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(52,409</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">710,995</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,048</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,532</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">782,575</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Provisions and<br /> allowances</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax losses</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,116</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,585</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(396,257</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,184</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(585,142</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">362</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">306</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">286</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,451</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,160</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,413</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,172</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,238</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,983</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,261</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,261</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge / (credit)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,739</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,712</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,100</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(92,209</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,560</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,653</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(93,404</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(382,832</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(181,606</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(677,495</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Provisions and<br /> allowances</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Inventories</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax losses</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,475</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(89,555</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(354,944</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(60,033</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(531,007</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">952</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(164</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">788</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,532</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,447</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,014</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(38</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,955</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Charged directly to other comprehensive income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,587</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,610</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income statement charge / (credit)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,852</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,523</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(42,327</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27,536</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(61,488</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,116</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,585</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(396,257</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(86,184</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(585,142</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest rates</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; font-size: 10pt">USD</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 36%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,370</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,762</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">SAR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,106</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,108</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,023</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,296</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,402</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,880</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,187</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Currency</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest rates</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; font-size: 10pt">USD</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 36%; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,092</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,847</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">USD</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">274,799</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">138,303</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">198</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">EUR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,178</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">MXN</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">424,964</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">301,047</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">ARS</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">86</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,125</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">SAR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,666</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">SAR</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,797</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Variable</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Fixed</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current borrowings</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left; font-size: 10pt">(i)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">Changes in working capital</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 3%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 56%; font-size: 10pt">Inventories</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">311,459</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(176,443</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(804,415</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Receivables and prepayments and Current tax assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(34,368</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,144</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,564</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Trade receivables</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,326</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(517,579</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(259,375</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Other liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,295</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(22,984</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,226</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Customer advances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,844</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,976</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,039</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Trade payables</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(180,857</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(57,066</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">193,905</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">523,109</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(737,952</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(853,184</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">(ii)</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Income tax accruals less payments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Tax accrued</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,136</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Taxes paid</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(395,869</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(170,713</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(176,853</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(193,417</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">58,494</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(193,989</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">(iii)</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Interest accruals less payments, net</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Interest accrued</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,616</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,914</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(20,534</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Interest received</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,890</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,613</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,001</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest paid</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(30,655</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(31,548</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,917</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,381</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,151</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,550</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt">(iv)</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">Cash at banks, liquidity funds and short - term investments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,299</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,361</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">330,221</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Bank overdrafts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(24</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,644</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,275</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">426,717</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">330,090</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; font-weight: bold; text-align: justify">Inventories at the beginning of the year</td> <td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,524,341</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,368,304</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,563,889</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase in inventory due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,966</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Plus: Charges of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Raw materials, energy, consumables and other</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,709,629</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,400,396</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,503</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Services and fees</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,415</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">275,130</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">244,035</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Labor cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">870,261</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">855,040</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">778,408</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,791</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">432,497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">383,490</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Amortization of intangible assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,948</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,220</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,621</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,727</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Maintenance expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">284,758</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,782</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">183,370</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Allowance for obsolescence</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,138</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,457</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,917</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Taxes</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100,738</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,308</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,542</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">115,663</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,507</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,823</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,849,034</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,435,337</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,496,875</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Less: Inventories at the end of the year</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,265,880</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,524,341</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,368,304</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,403</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,107,495</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,279,300</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,685,057</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for doubtful<br /> accounts - Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for other doubtful<br /> accounts - Other receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for <br /> inventory obsolescence</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(66,535</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,784</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(209,796</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">794</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,788</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,761</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additional / reversals allowances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,256</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,239</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(29,138</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,276</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,184</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(48,782</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,892</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(217,717</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for doubtful<br /> accounts - Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for other doubtful<br /> accounts - Other receivables</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Allowance for <br /> inventory obsolescence</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(78,385</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,255</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(216,068</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of adoption of new standards</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,423</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">329</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">359</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,575</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additional allowances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,751</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,179</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(25,457</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,849</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">291</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,154</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(66,535</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,784</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(209,796</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales risks</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other claims and<br /> contingencies</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,814</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,469</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,283</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(28</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(570</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(598</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">505</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,505</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Additional/ reversals provisions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,880</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,219</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,641</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,641</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13,304</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,889</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,193</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,867</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,150</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,017</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales risks</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other claims and<br /> contingencies</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,396</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,934</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,330</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(103</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,205</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,308</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Additional provisions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,638</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,463</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,101</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,117</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,129</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,246</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2018</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,814</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,469</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,283</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Current tax assets</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">V.A.T. credits</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,161</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,322</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Prepaid taxes</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,227</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,010</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">167,388</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">121,332</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Current accounts</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,387,494</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,778,796</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Receivables from related parties</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,448</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,105</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,396,942</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,803,901</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allowance for doubtful accounts (see Note 23 (i))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(48,782</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(66,535</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,604</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Derivatives</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">929</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,621</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with positive fair values (*)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,225</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,667</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Derivatives</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(311</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Contracts with negative fair values</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,115</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,753</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 55%; font-size: 10pt; text-align: justify">Interest Income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,061</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,244</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51,525</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt; font-size: 10pt; text-align: justify">Net result on changes in FV of financial assets at FVPL</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(64</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,388</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,920</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Finance income (*)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,997</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,856</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">47,605</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Finance cost</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,381</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(36,942</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27,072</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: justify">Net foreign exchange transactions results (**)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,868</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,845</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(48,955</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: justify">Foreign exchange derivatives contracts results (***)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,616</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,576</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,996</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,585</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,035</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,392</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: justify">Other financial results</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,667</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,386</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,559</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Net financial results</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,283</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,300</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23,026</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,283</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,300</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23,017</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Measurement Categories</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At Fair Value</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">December 31, 2019</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying <br />amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVOCI</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVPL</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,554,299</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">387,602</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,697</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,697</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">210,376</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134,990</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,512</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Fixed income (time-deposit, zero coupon bonds, commercial papers)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">65,874</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Certificates of deposits</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,637</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Commercial papers</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,993</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,993</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other notes</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,244</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,244</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,502</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134,990</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,512</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,211</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,211</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,211</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Non - U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,637</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,125</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,512</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Corporates securities</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,654</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,654</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,654</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,929</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,934</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,012</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other investments</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,922</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,348,160</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC (*)</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">261,678</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,239</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other receivables</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">141,898</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,239</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Other receivables (non-financial)</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,780</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,894,875</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">211,173</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,193,548</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,319,699</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,441</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,581</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">555,887</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">555,887</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Finance Lease Liabilities C and NC</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">230,167</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">230,167</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,608,206</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,814</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Measurement Categories</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="10" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At Fair Value</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">December 31, 2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying amount</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVOCI</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">FVPL</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">428,361</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">268,163</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,198</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,198</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="width: 5%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other investments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">487,734</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">166,094</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,230</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,165</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Fixed income (time-deposit, zero coupon bonds, commercial papers)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">300,410</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Certificates of deposits</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">198,912</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">198,912</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Commercial papers</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,932</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,932</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other notes</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,566</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,566</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">187,324</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">166,094</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,230</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">168,165</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,077</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,077</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,077</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Non - U.S. government securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,912</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,912</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,912</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Corporates securities</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">142,176</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,105</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,071</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">142,176</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Structured notes</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,159</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,173</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,173</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,173</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Other Investments Non-current</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118,155</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Bonds and other fixed income</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,830</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other investments</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,326</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade receivables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,737,366</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Receivables C and NC (*)</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">307,790</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,474</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,711</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other receivables</td> <td style="font-size: 10pt; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">188,185</div></td> <td style="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,474</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,711</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Other receivables (non-financial)</td> <td style="font-size: 10pt; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,605</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,445,413</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">328,635</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,927</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">442,193</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,384</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,985</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Borrowings C and NC</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Trade payables</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,673</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,673</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1pt solid">Derivative financial instruments</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">Total</td> <td style="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,232,680</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,978</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Current tax</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">299,692</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">343,104</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">184,016</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Deferred tax</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,240</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(113,897</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(100,432</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,584</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(100,720</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Finished goods</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">968,329</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,025,999</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Goods in process</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,888</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">709,497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Raw materials</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">221,954</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">256,816</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Supplies</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">486,411</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,286</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Goods in transit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,015</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,539</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,483,597</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,734,137</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allowance for obsolescence (see Note 23 (i))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(217,717</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(209,796</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,265,880</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,524,341</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">At the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">640,294</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,781</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,848</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Equity in earnings of non-consolidated companies</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,036</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">193,994</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,635</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Dividends and distributions received (*)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(28,037</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,581</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,610</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Decrease / increase in equity reserves and others</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,066</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,987</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">At the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">879,965</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="6" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Wages, salaries and social security costs</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,274,474</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,250,783</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,144,341</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Severance indemnities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,637</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,225</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,497</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Defined contribution plans</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,663</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,217</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,401</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Pension benefits - defined benefit plans</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,207</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,390</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,066</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Employee retention and long term incentive program</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,134</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,353</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,441</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,352,115</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,325,968</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,221,746</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(853</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,352,115</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,325,968</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,220,893</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(641</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">531</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,089</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,438</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,571</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,261</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Additional provisions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,904</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,397</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,641</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,406</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,464</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,079</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,599</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,089</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Employee advances and loans</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,008</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,740</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Tax credits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,065</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,025</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Receivables from related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,999</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">58,128</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Legal deposits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,378</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,446</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Advances to suppliers and other advances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,592</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Derivative financial instruments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Receivable Venezuelan subsidiaries</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,222</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,263</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">157,103</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">151,905</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="6" style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-style: italic; text-align: left">Other operating income</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; font-size: 10pt; text-align: left">Net income from other sales</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,651</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,604</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,395</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net rents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,089</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,909</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,325</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Other</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,025</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,546</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,796</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Recovery on allowance for doubtful receivables</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,239</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,004</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,059</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,516</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-style: italic; text-align: left">Other operating expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Contributions to welfare projects and non-profits organizations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,199</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,379</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,158</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss on fixed assets and material supplies disposed / scrapped</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">118</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Allowance for doubtful receivables</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,179</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">84</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,199</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,558</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,360</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,199</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,558</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,359</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% ownership at December 31,</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value at December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Country of incorporation</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; font-size: 10pt; text-align: left">a) Ternium (*)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 25%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Luxembourg</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.46</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.46</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">751,105</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">725,548</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">b) Usiminas (**)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Brazil</div></div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.07</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.07</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,593</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,988</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,267</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,032</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">879,965</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,568</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Prepaid expenses and other receivables</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,579</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,599</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Government entities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,867</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,182</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Employee advances and loans</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,189</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,521</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Advances to suppliers and other advances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,180</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,467</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Government tax refunds on exports</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">670</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,896</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Receivables from related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,837</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,322</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,145</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,682</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,467</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">162,669</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allowance for other doubtful accounts (see Note 23 (i))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,892</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,784</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">104,575</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,885</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ternium</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Non-current assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,757,320</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,121,824</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,178,213</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,426,038</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,935,533</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,547,862</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Non-current liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,452,535</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,236,756</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,768,125</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,826,530</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,220,660</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,063,286</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Non-controlling interests</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,103,208</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,091,321</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Revenues</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,192,818</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,454,807</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,740,378</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,971,479</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income for the year attributable to owners of the parent</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">564,269</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,506,647</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total comprehensive income for the year, net of tax, attributable to owners of the parent</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">445,473</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,176,964</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Usiminas</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Non-current assets</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,335,662</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,696,896</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current assets</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,198,449</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,148,322</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total assets</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,534,111</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,845,218</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Non-current liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,955,395</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,933,207</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Current liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">716,930</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">860,862</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,672,325</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,069</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Non-controlling interests</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">377,667</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">369,333</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Revenues</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,790,206</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,766,241</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">478,141</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">612,156</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income for the year attributable to owners of the parent</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,779</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,381</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: justify">Services and fees</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">153,773</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,090</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,301</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Labor cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">481,854</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">470,928</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">443,338</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of property, plant and equipment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,524</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,968</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,979</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Amortization of intangible assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,967</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">206,672</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">188,550</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Depreciation of right-of-use assets</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,564</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Commissions, freight and other selling expenses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,442</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">491,555</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">339,759</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Provisions for contingencies</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,565</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,498</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,664</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Allowances for doubtful accounts</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,256</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,751</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,421</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Taxes</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,876</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,110</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,826</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,665</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">99,404</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,061</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,365,974</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,509,976</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,272,057</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">From discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,041</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,365,974</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,509,976</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,270,016</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</td> <td style="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">In million of USD</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: white"> <td style="white-space: nowrap; width: 26%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Disbursement date</div></td> <td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Borrower</div></td> <td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Type</div></td> <td style="white-space: nowrap; width: 23%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Original &amp; Outstanding</div></td> <td style="white-space: nowrap; width: 23%; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt">Final maturity</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Tamsa</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Bank loans</div></div></td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">621</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"><div style="display: inline; font-size: 10pt">2019</div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Siderca</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Bank loans</div></div></td> <td style="white-space: nowrap; text-align: right"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">60</div></div></td> <td style="white-space: nowrap; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">2020</div></div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">&nbsp;</td> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="white-space: nowrap; text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: center">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Current tax liabilities</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Income tax liabilities</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,994</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">182,711</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">V.A.T. liabilities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,953</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,091</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other taxes</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,678</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,431</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">127,625</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">250,233</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt; min-; min-width: 700px;"> <tr> <td style="vertical-align: top; width: 4%; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; width: 56%; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Land</div></div></td> <td style="vertical-align: bottom; width: 40%"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">No Depreciation</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Buildings and improvements </div></div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">30-50 years</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Plant and production equipment </div></div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">10-40 years</div></div></td> </tr> <tr> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="vertical-align: top; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">Vehicles, furniture and fixtures, and other equipment</div></div></td> <td style="vertical-align: bottom"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">4-10 years</div></div></td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 year or <br /> less</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 - 2 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2 &#x2013; 3 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3 - 4 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4 - 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Over 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Other borrowings</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,307</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,573</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total borrowings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">781,272</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,307</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,573</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,152</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest to be accrued (*)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,370</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,045</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,532</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">792,642</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,352</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,690</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">834,684</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 year or <br /> less</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1 - 2 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2 &#x2013; 3 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3 - 4 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4 - 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Over 5 <br /> years</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">At December 31, 2018</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left">Financial lease</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 7%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other borrowings</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,776</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,271</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,771</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,145</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">538,963</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total borrowings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">509,820</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,271</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,771</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,145</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,007</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest to be accrued (*)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,182</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,175</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">169</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,692</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">518,002</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,446</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,937</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,314</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">549,699</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Total borrowings</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.18</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3.98</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Reserve <br /> Dec-17</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Movements <br /> 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Reserve <br /> Dec-18</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Movements <br /> 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity Reserve<br /> Dec-19</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Foreign Exchange</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(240</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(676</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(916</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,591</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Cash flow Hedge</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(240</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(676</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(916</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,591</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="2" style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; width: 55%; font-size: 10pt; text-align: left">Income before income tax</td> <td style="padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">933,710</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,103,107</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">427,711</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Tax calculated at the tax rate in each country</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,752</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">207,422</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,456</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of currency translation on tax base</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,296</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,552</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(922</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Changes in the tax rates</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,824</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(62,968</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Utilization of previously unrecognized tax losses</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(547</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Tax revaluation, withholding tax and others</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(37,036</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(57,591</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,298</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">Tax charge</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,452</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,207</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(17,136</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">&nbsp;Income from discontinued operations</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,848</div></td> <td style="width: 1%; font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;After tax gain on the sale of Conduit</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,694</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Net Income for discontinued operations</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">91,542</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.75pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">36</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Update as of <div style="display: inline; font-style: italic; font: inherit;"> April 29, 2020</div><div style="display: inline; font-size: 10pt"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"><div style="display: inline; font-style: italic; font: inherit;">1</div></div></div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">The COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic and the oil &amp; gas crisis and their impact on Tenaris&#x2019;s operations and financial condition</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A novel strain of coronavirus (SARS-CoV-<div style="display: inline; font-style: italic; font: inherit;">2</div>) surfaced in China in <div style="display: inline; font-style: italic; font: inherit;"> December 2019 </div>and subsequently spread to the rest of the world in early <div style="display: inline; font-style: italic; font: inherit;">2020.</div> In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the World Health Organization declared COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> the disease caused by the SARS-CoV-<div style="display: inline; font-style: italic; font: inherit;">2</div> virus, a global pandemic. In response to the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> outbreak, countries have taken different measures in relation to prevention and containment. For example, several countries introduced bans on business activities or locked down cities or countries, including countries where Tenaris has operations (such as Argentina, China, Colombia, Italy, Mexico and the United States). The rapid expansion of the virus and the measures taken to contain it have triggered a severe fall in global economic activity and a serious crisis in the energy sector.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the extent of the effects of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> on the global economy and oil demand were still unclear, in <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the members of OPEC+ (OPEC plus other major oil producers including Russia) did <div style="display: inline; font-style: italic; font: inherit;">not</div> agree to extend their agreement to cut oil production and Saudi Arabia precipitated a wave of additional supply on the market triggering a collapse in oil prices below <div style="display: inline; font-style: italic; font: inherit;">$30</div> per barrel. This exacerbated what soon became clear was an unprecedented situation of oversupply, caused primarily by the sudden and dramatic fall in oil consumption consequent to the measures taken to contain the spread of the virus around the world. Although OPEC+ subsequently reached an equally unprecedented agreement to cut production by as much as <div style="display: inline; font-style: italic; font: inherit;">9.7</div> million barrels per day, a situation of acute oversupply remains, causing oil prices to hit record lows. By the end of trading on <div style="display: inline; font-style: italic; font: inherit;"> April 20, 2020, </div>the West Texas Intermediate (WTI) forward price for delivery in <div style="display: inline; font-style: italic; font: inherit;"> May, </div>which had to be closed out the following day, fell to a negative value for the <div style="display: inline; font-style: italic; font: inherit;">first</div> time in history, as oil storage facilities were completely committed, and producers were forced to pay buyers to take their barrels. It is <div style="display: inline; font-style: italic; font: inherit;">not</div> known how long it will take for oil and gas demand to recover or achieve a more balanced position between supply and demand. As a result, prices are expected to remain at low levels for an extended period. In these circumstances, most of our customers have announced, or are making, significant cuts to their investment plans and are likely to announce further cuts. Similarly, several of our suppliers are closing, either temporarily or permanently, some of their facilities, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>result in unavailability or increased prices for our raw materials and other inputs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">-</td> <td><div style="display: inline; font-style: italic;">Status of our operations&nbsp;</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are adjusting our operations on a country-by-country basis to comply with applicable rules and requirements and adapt to this new, rapidly evolving scenario. As of the date of these Consolidated Financial Statements, this is the status of our facilities:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td><div style="display: inline; font-family: Times New Roman, Times, Serif">In China, we are again fully operational, after several weeks of interruption and an extraordinary combined effort of our people and of our community. </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td><div style="display: inline; font-family: Times New Roman, Times, Serif">In Italy, production was greatly reduced; although our Dalmine facility was used exclusively for the manufacturing of oxygen tanks to aid local hospitals and health centers for a limited period of time, currently the facility is gradually resuming normal operations. In Argentina, Colombia, Mexico and Saudi Arabia, Tenaris decreased its activity following the imposition of mandatory lockdowns, and our plants in these countries are currently operating at reduced levels. Although the lockdowns or restrictions to operate in these countries are expected to end or be relaxed in the next few weeks, these could be extended and/or made more stringent if so decided by the appropriate authorities as the circumstances could require.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td><div style="display: inline; font-family: Times New Roman, Times, Serif">In the United States, our facilities in Koppel and Ambridge (PA), Brookfield (OH), Blytheville (AR), Wilder (KY), and Odessa and Baytown (TX), have been or will be temporarily closed until market conditions improve. In addition, Tenaris is in the process of performing employee reductions and adjusting production levels at its other facilities in line with market demand. </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to safeguard the health and safety of its employees, customers and suppliers, Tenaris has taken preventive measures, including remote working for the majority of white collar employees, restricting onsite access to essential operational personnel, keeping personnel levels at a minimum, implementing a special operations protocol to ensure social distancing and providing medical assistance and supplies to onsite employees. As of the date of these Consolidated Financial Statements, remote work and other work arrangements have <div style="display: inline; font-style: italic; font: inherit;">not</div> materially adversely affected Tenaris&#x2019;s ability to conduct operations. In addition, these alternative working arrangements have <div style="display: inline; font-style: italic; font: inherit;">not</div> adversely affected our financial reporting systems, internal control over financial reporting or disclosure controls and procedures.</div> <hr align="left" style="width: 33% font-size: width: 33%" /> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-family: Times New Roman, Times, Serif"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;"><div style="display: inline; font-style: italic; font: inherit;">1</div></div></div> This note was added subsequent to the approval of these Consolidated Financial Statements by the Company&#x2019;s Board of Directors on <div style="display: inline; font-style: italic; font: inherit;"> February 19, 2020.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0 0pt 283.5pt; font-size: 10pt; text-align: right; text-indent: 4.5pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: Page; Sequence: 166 --> <div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">-</td> <td style="text-align: justify"><div style="display: inline; font-style: italic;">Risks associated with the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic and the oil &amp; gas crisis</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given the uncertainty around the extent and timing of the future spread of the SARS-CoV-<div style="display: inline; font-style: italic; font: inherit;">2</div> virus and the unprecedented extent of the oversupply on the oil market and the uncertainty about the timing and extent of any recovery in demand, it is <div style="display: inline; font-style: italic; font: inherit;">not</div> possible at this time to predict the full magnitude of the adverse effects that these <div style="display: inline; font-style: italic; font: inherit;">two</div> circumstances will have on our industry generally, nor to reasonably estimate the impact on Tenaris&#x2019;s results of operations, cash flows or financial condition.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic and the ongoing oil &amp; gas crisis poses the following main risks and challenges to Tenaris:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td><div style="display: inline; font-family: Times New Roman, Times, Serif">Global oil or gas demand <div style="display: inline; font-style: italic; font: inherit;"> may </div>fail to recover or even decrease further in the future, driving down prices even more or keeping them at very low levels, which would exert downward pressure on sales and margins of oil and gas companies, leading to further reductions and even generalized suspension of drilling activities (in the U.S. or elsewhere) and, as a result, materially adversely affecting our sales and financial position.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td><div style="display: inline; font-family: Times New Roman, Times, Serif">Tenaris or its employees, contractors, suppliers, customers and other business partners <div style="display: inline; font-style: italic; font: inherit;"> may </div>be prevented from conducting certain business activities for a prolonged or indefinite period of time. In addition, employees in some or all of our facilities, or those of our contracts, suppliers, customers or other business partners, <div style="display: inline; font-style: italic; font: inherit;"> may </div>refuse to work due to health concerns while the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> outbreak is ongoing, If that happens, the continuity of our future operations <div style="display: inline; font-style: italic; font: inherit;"> may </div>be severely affected.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td><div style="display: inline; font-family: Times New Roman, Times, Serif">A continuing spread of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> <div style="display: inline; font-style: italic; font: inherit;"> may </div>affect the availability and price of raw materials, energy and other inputs used by Tenaris in its operations. Any such disruption or increased prices could adversely affect Tenaris&#x2019;s profitability.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">-</td> <td><div style="display: inline; font-style: italic;">Mitigating actions</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to mitigate the impact of expected lower sales, Tenaris is working on a worldwide rightsizing program and cost containment plan aimed at preserving its financial resources and overall liquidity position and maintaining the continuity of its operations. The actions include:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Adjusting the level of our operations and workforce around the world, including through the temporary closure of certain U.S. facilities or production lines, as indicated above;</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Introducing efficiency and productivity improvements throughout Tenaris&#x2019;s industrial system;</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Downsizing our fixed cost structure, including through pay reductions for senior management and board members, aggregating estimated total annual savings of approximately <div style="display: inline; font-style: italic; font: inherit;">$220</div> million by year-end; </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Reducing capital expenditures and R&amp;D expenses for approximately <div style="display: inline; font-style: italic; font: inherit;">$150</div> million when compared to <div style="display: inline; font-style: italic; font: inherit;">2019</div> levels; </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 13.5pt"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Reducing working capital, especially inventories, in accordance with the expected levels of activity; and</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Increasing our focus on managing customer credit conditions. </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As part of these liquidity preservation initiatives, the board of directors resolved to propose, for approval by the Annual Shareholders Meeting to be held on <div style="display: inline; font-style: italic; font: inherit;"> June 2, 2020, </div>that <div style="display: inline; font-style: italic; font: inherit;">no</div> further dividends be distributed in respect of fiscal year <div style="display: inline; font-style: italic; font: inherit;">2019</div> on top of the interim dividend of approximately <div style="display: inline; font-style: italic; font: inherit;">$153</div> million already paid in <div style="display: inline; font-style: italic; font: inherit;"> November 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the date of these Consolidated Financial Statements, our capital and financial resources, and overall liquidity position, have <div style="display: inline; font-style: italic; font: inherit;">not</div> been materially affected by this new scenario. Tenaris has in place non-committed credit facilities and management believes it has adequate access to the credit markets. In addition, Tenaris has a net cash position of approximately <div style="display: inline; font-style: italic; font: inherit;">$271</div> million as of the end of <div style="display: inline; font-style: italic; font: inherit;"> March 2020 </div>and a manageable debt amortization schedule. Considering our financial position and the funds provided by operating activities, management believes that we have sufficient resources to satisfy our current working capital needs, service our debt and address short-term changes in business conditions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> </div> <!-- Field: Page; Sequence: 167 --> <div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Acquisition of IPSCO Tubulars, Inc.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.5in">(i)</td> <td>Closing Statement</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On <div style="display: inline; font-style: italic; font: inherit;"> March 16, 2020, </div>Tenaris delivered, for TMK&#x2019;s review, a closing statement prepared in accordance with the acquisition agreement, including Tenaris&#x2019;s calculation of the closing price based on actual amounts of cash, indebtedness, working capital and certain other items as of the closing date.&nbsp;In case of disagreement, the parties are expected to engage in good-faith negotiations to solve any discrepancies. If the parties cannot resolve the disputed amounts, the discrepancies must be submitted to and resolved by an independent accounting firm.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.5in">(ii)</td> <td style="text-align: justify">Purchase Price Allocation</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>the preliminary purchase price allocation was carried out with the assistance of a <div style="display: inline; font-style: italic; font: inherit;">third</div>-party expert.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The application of the purchase method requires certain estimates and assumptions, including estimates and assumptions concerning the determination of the fair values of the acquired intangible assets and property, plant and equipment as well as the liabilities assumed at the date of the acquisition. The fair values determined at the acquisition date are based mainly on discounted cash flows and other valuation techniques.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preliminary allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Fair value of acquired assets and liabilities:</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="font-weight: bold; text-align: center">$ million</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: left">Property, Plant and Equipment</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">506</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangible assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">170</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Working capital</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and Cash Equivalents</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Borrowings</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(53</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Provisions</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(27</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(77</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net assets acquired</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">710</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tenaris acquired total assets and liabilities shown above, for approximately <div style="display: inline; font-style: italic; font: inherit;">$1,067</div> million. As a result of the acquisition, the Company recognized goodwill for approximately <div style="display: inline; font-style: italic; font: inherit;">$357</div> million. The goodwill is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to be deductible for tax purposes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The goodwill generated by the acquisition is mainly attributable to the synergy created following the integration between Tenaris and IPSCO, which is expected to enhance Tenaris&#x2019;s position as well as its local manufacturing presence in the U.S. market, and also expand its product range and services capabilities. The goodwill has been allocated to the Tubes segment. After the conclusion of the preliminary purchase price allocation determination and as a consequence of the unprecedented decline in oil prices and other changes in circumstances, the management has decided to impair the goodwill mentioned above.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following IFRS <div style="display: inline; font-style: italic; font: inherit;">3,</div> the Company will continue reviewing the allocation and make any necessary adjustments (mainly over property, plant and equipment and intangible assets) during the <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months following the acquisition date.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acquisition-related costs of <div style="display: inline; font-style: italic; font: inherit;">$9.7</div> million were included in general and administrative expenses (<div style="display: inline; font-style: italic; font: inherit;">$9.4</div> million and $ <div style="display: inline; font-style: italic; font: inherit;">0.3</div> million in <div style="display: inline; font-style: italic; font: inherit;">2019</div> and <div style="display: inline; font-style: italic; font: inherit;">2020</div> respectively).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.5in">(iii)</td> <td>Temporary suspension of operations at certain facilities</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given the abrupt and steep decline in market demand, the facilities in Koppel and Ambridge (PA), Brookfield (OH), Blytheville (AR), Wilder (KY), and Odessa and Baytown (TX), were temporarily closed until market conditions improve.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> </div> <div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.75pt"><div style="display: inline; font-style: italic;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">Impairment of Assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of the severe deterioration of business conditions and in light of the presence of impairment indicators for its U.S. operations, Tenaris recorded impairment charges as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>in the carrying values of goodwill and other asset values at the cash-generating units OCTG USA (Maverick), IPSCO, Rods USA and Coiled Tubing, for an aggregate amount of approximately <div style="display: inline; font-style: italic; font: inherit;">$622</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These Consolidated Financial Statements do <div style="display: inline; font-style: italic; font: inherit;">not</div> reflect these impairment charges.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">Closure of facilities at JFE&#x2019;s Keihin steel complex</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our seamless pipe manufacturing facility in Asia, operated by NKKTubes, is located in Kawasaki, Japan, in the Keihin steel complex owned by JFE. Steel bars and other essential inputs and services for NKKTubes are supplied under a long-term agreement by JFE, which retains a <div style="display: inline; font-style: italic; font: inherit;">49%</div> interest in NKKTubes. On <div style="display: inline; font-style: italic; font: inherit;"> March 27, 2020, </div>JFE informed Tenaris of its decision to permanently cease, as from JFE&#x2019;s fiscal year ending <div style="display: inline; font-style: italic; font: inherit;"> March 2024, </div>the operations of certain of its steel manufacturing facilities and other facilities located at the Keihin complex. The closure of JFE&#x2019;s Keihin facilities <div style="display: inline; font-style: italic; font: inherit;"> may </div>result in the unavailability of steel bars and other essential inputs or services used in NKKTubes&#x2019; manufacturing process, thereby affecting its operations. Tenaris and JFE have agreed to engage in discussions to seek mutually acceptable solutions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Annual Dividend Proposal</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"></div></div> <div style=" font-size: 10pt; margin: 0">On <div style="display: inline; font-style: italic; font: inherit;"> April 29, 2020, </div>the Company&#x2019;s board of directors resolved to propose, for approval by the annual shareholders meeting to be held on <div style="display: inline; font-style: italic; font: inherit;"> June 2, 2020, </div>that <div style="display: inline; font-style: italic; font: inherit;">no</div> further dividends be distributed in respect of fiscal year <div style="display: inline; font-style: italic; font: inherit;">2019</div> beyond the interim dividend of approximately <div style="display: inline; font-style: italic; font: inherit;">$153</div> million already paid in <div style="display: inline; font-style: italic; font: inherit;"> November 2019. </div>For a discussion of the rationale behind the dividend proposal, see <div style="display: inline; font-style: italic;">&#x201c;The COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic and the oil &amp; gas crisis and their impact on Tenaris&#x2019;s operations and financial condition&#x201d;</div> included in this note.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">&nbsp;</div></div> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 1pt solid">Country</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt">Argentina</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,405</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,427</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,221</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Mexico</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,370</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,595</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,139</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">USA</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,255</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,382</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,953</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Italy</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,144</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,155</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,088</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Romania</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,815</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,852</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,870</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Brazil</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,360</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,287</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,382</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Colombia</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,040</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,082</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,003</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Canada</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,030</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">919</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Indonesia</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">616</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">506</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Japan</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">399</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">410</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt">Other</td> <td style="padding-bottom: 1pt; font-size: 10pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,023</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,204</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,114</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,200</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,967</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,605</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 2.75pt"></td> <td style="width: 36pt"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td>Nationalization of Venezuelan Subsidiaries</td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> May 2009, </div>within the framework of Decree Law <div style="display: inline; font-style: italic; font: inherit;">6058,</div> Venezuela&#x2019;s President announced the nationalization of, among other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. (&#x201c;Tavsa&#x201d;) and, Matesi Materiales Sider&uacute;rgicos S.A (&#x201c;Matesi&#x201d;), and Complejo Sider&uacute;rgico de Guayana, C.A (&#x201c;Comsigua&#x201d;), in which the Company has a non-controlling interest (collectively, the &#x201c;Venezuelan Companies&#x201d;). Tenaris and its wholly-owned subsidiary, Talta - Trading e Marketing Sociedad Unipessoal Lda (&#x201c;Talta&#x201d;), initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <!-- Field: Page; Sequence: 163 --> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Matesi</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2016, </div>the tribunal released its award on the arbitration proceeding concerning the nationalization of Matesi. The award upheld Tenaris&#x2019;s and Talta&#x2019;s claim that Venezuela had expropriated their investments in Matesi in violation of Venezuelan law as well as the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal. The award granted compensation in the amount of <div style="display: inline; font-style: italic; font: inherit;">$87.3</div> million for the breaches and ordered Venezuela to pay an additional amount of <div style="display: inline; font-style: italic; font: inherit;">$85.5</div> million in pre-award interest, aggregating to a total award of <div style="display: inline; font-style: italic; font: inherit;">$172.8</div> million, payable in full and net of any applicable Venezuelan tax, duty or charge. The tribunal granted Venezuela a grace period of <div style="display: inline; font-style: italic; font: inherit;">six</div> months from the date of the award to make payment in full of the amount due without incurring post-award interest, and resolved that if <div style="display: inline; font-style: italic; font: inherit;">no,</div> or <div style="display: inline; font-style: italic; font: inherit;">no</div> full, payment is made by then, post-award interest will apply at the rate of <div style="display: inline; font-style: italic; font: inherit;">9%</div> per annum compounded at <div style="display: inline; font-style: italic; font: inherit;">six</div>-monthly rests from the date of the award until payment in full. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>post-award interest amounted to approximately <div style="display: inline; font-style: italic; font: inherit;">$71</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> March 14, 2016, </div>Venezuela requested the rectification of the award pursuant to article <div style="display: inline; font-style: italic; font: inherit;">49</div>(<div style="display: inline; font-style: italic; font: inherit;">2</div>) of the ICSID Convention and ICSID Arbitration Rule <div style="display: inline; font-style: italic; font: inherit;">49.</div> The tribunal denied Venezuela&#x2019;s request on <div style="display: inline; font-style: italic; font: inherit;"> June 24, 2016, </div>ordering Venezuela to reimburse Tenaris and Talta for their costs incurred in connection with the rectification proceedings. On <div style="display: inline; font-style: italic; font: inherit;"> September 21, 2016, </div>Venezuela submitted a request for annulment of the award as well as the stay of enforcement of the award in accordance with the ICSID Convention and Arbitration Rules. On <div style="display: inline; font-style: italic; font: inherit;"> March 24, 2017, </div>an ad hoc committee constituted to decide on Venezuela&acute;s requests rendered its decision to lift the stay of enforcement of the award. On <div style="display: inline; font-style: italic; font: inherit;"> August 8, 2018, </div>the ad hoc committee rejected Venezuela&#x2019;s application to annul the award.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 8, 2018, </div>Tenaris and Talta filed an action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta have effected service on Venezuela in accordance with US law, and Venezuela has failed to file an answer in the proceeding.&nbsp;Tenaris and Talta have moved for default judgment.&nbsp;Venezuela did <div style="display: inline; font-style: italic; font: inherit;">not</div> oppose the entry of default judgment. Accordingly, it is expected that the award will be converted into a judgment. The judgment, however, <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&#x2019;s Office of Foreign Assets Control.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Tavsa and Comsigua</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 12, 2016, </div>the tribunal issued its award upholding Tenaris&#x2019;s and Talta&#x2019;s claim that Venezuela had expropriated their investments in Tavsa and Comsigua in violation of the bilateral investment treaties entered into by Venezuela with the Belgium-Luxembourg Economic Union and Portugal. The award granted compensation in the amount of <div style="display: inline; font-style: italic; font: inherit;">$137</div> million and ordered Venezuela to reimburse Tenaris and Talta <div style="display: inline; font-style: italic; font: inherit;">$3.3</div> million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay interest from <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2008 </div>until the day of effective payment at a rate equivalent to LIBOR + <div style="display: inline; font-style: italic; font: inherit;">4%</div> per annum, which as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>amounted to approximately <div style="display: inline; font-style: italic; font: inherit;">$118</div> million.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> April 11, 2017, </div>Venezuela submitted a request for annulment of the award as well as the stay of enforcement of the award in accordance with the ICSID Convention and Arbitration Rules. On <div style="display: inline; font-style: italic; font: inherit;"> February 23, 2018, </div>an ad hoc committee constituted to decide on Venezuela&#x2019;s requests rendered its decision to lift the stay of enforcement of the award. On <div style="display: inline; font-style: italic; font: inherit;"> December 28, 2018, </div>the ad hoc committee rejected Venezuela&#x2019;s application to annul the award.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 8, 2018, </div>Tenaris and Talta filed an action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta have effected service on Venezuela in accordance with US law, and Venezuela has failed to file an answer in the proceeding.&nbsp;Tenaris and Talta have moved for default judgment.&nbsp;Venezuela did <div style="display: inline; font-style: italic; font: inherit;">not</div> oppose the entry of default judgment. Accordingly, it is expected that the award will be converted into a judgment. The judgment, however, <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&#x2019;s Office of Foreign Assets Control.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Tenaris or its subsidiaries have net receivables related to its interest in the Venezuelan Companies for a total amount of approximately <div style="display: inline; font-style: italic; font: inherit;">$49</div> million. See Note III.B.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 22.5pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">22</div></div></td> <td><div style="display: inline; font-weight: bold;">Non-current allowances and provisions</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.75pt"><div style="display: inline; font-style: italic;">(i)</div></td> <td><div style="display: inline; font-style: italic;">Deducted from non-current receivables</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(641</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">531</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 38.75pt"><div style="display: inline; font-style: italic;">(ii)</div></td> <td><div style="display: inline; font-style: italic;">Liabilities</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Values at the beginning of the year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,089</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,438</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,571</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,261</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Additional provisions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,904</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,397</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,641</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,406</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Used</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,464</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,079</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Values at the end of the year</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">54,599</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,089</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">13</div></div></td> <td><div style="display: inline; font-weight: bold;">Receivables &#x2013; non current</div></td> </tr> </table> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Employee advances and loans</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,008</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,740</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Tax credits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,065</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,025</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Receivables from related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,999</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">58,128</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Legal deposits</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,378</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,446</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Advances to suppliers and other advances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,772</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,592</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Derivative financial instruments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Receivable Venezuelan subsidiaries</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,659</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Others</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,222</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,263</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">157,103</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">151,905</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">15</div></div></td> <td><div style="display: inline; font-weight: bold;">Receivables and prepayments, net</div></td> </tr> </table> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Prepaid expenses and other receivables</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,579</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,599</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Government entities</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,867</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,182</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Employee advances and loans</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,189</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,521</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Advances to suppliers and other advances</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,180</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,467</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Government tax refunds on exports</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">670</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,896</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Receivables from related parties</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,837</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,322</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,145</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,682</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,467</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">162,669</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allowance for other doubtful accounts (see Note 23 (i))</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,892</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,784</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">104,575</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,885</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Deferred tax assets to be recovered after 12 months</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(538,274</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(452,330</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred tax liabilities to be settled after 12 months</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">766,852</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">739,670</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 83%; font-size: 10pt; text-align: left">Cash received</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">331,295</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transaction and other costs</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,663</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Carrying amount of net assets sold</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(137,814</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Gain on sale before income tax</td> <td style="font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">189,817</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense on gain</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(100,123</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Gain on sale after income tax</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">89,694</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 28037000 26581000 484020000 484020000 1807000 485827000 484020000 484020000 3661000 487681000 484020000 484020000 24000000 508020000 0.26 0.56 0.26 0.56 0.26 0.56 0.26 0.82 0.82 0.82 0.41 0.41 0.41 53789000 27933000 2786000 5220000 8006000 12000 8018000 2950000 304000 203931000 -4582000 -1620000 11733000 -11733000 669000 -229000 P10Y P7Y P7Y 853000 1352115000 1325968000 1221746000 P4Y 59000000 16000000 1180537000 118054000 609733000 -824423000 -317783000 10724073000 11490191000 98797000 11588988000 0.49 0.535 220000000 19283000 37300000 -23026000 9000 -2064000 -2064000 1 0.993 0.75 P8Y P1Y 72900000 9900000 P3Y P10Y P14Y P10Y P9Y -11616000 6576000 -8996000 1000000 1900000 1000000 1300000 4600000 4900000 3600000 2300000 -95811000 -186867000 -103518000 -175419000 -107582000 -7700000 -8200000 189817000 331295000 0 0 0 82036000 193994000 202452000 229207000 83584000 202452000 229207000 -17136000 1751000 1179000 25457000 -6423000 -16256000 -1239000 29138000 52966000 36500000 1300000 217717000 209796000 2483597000 2734137000 2265880000 2524341000 2368304000 19610000 20635000 77000000 21000000 36957000 4688000 2267000 2766000 43974000 2690000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 87%; font-size: 10pt; text-align: left">Opening net book amount</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,149</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,267</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,690</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,957</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Cancellations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,688</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Repayments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(43,974</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest accrued</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,766</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">230,167</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> 9800000 0.12 0.07 0.95 0.95 852000000 909000000 312000000 2000000 851674000 909113000 311571000 -105000000 3000000 -102000000 112000000 7000000 119000000 164000000 1000000 165000000 -1000000 -1000000 0 -1000000 -34000000 -34000000 -3000000 -3000000 6000000 6000000 2000000 2000000 -1000000 1000000 0 -2000000 6000000 4000000 14000000 -6000000 8000000 857000000 73000000 929000000 702000000 81000000 783000000 115000000 48000000 163000000 3000000 300000 360000 P6Y P1Y 770000 0.04 172800000 137000000 87300000 71000000 0.09 85500000 3300000 137814000 17300000 -64000 -2388000 -3920000 27868000 28845000 -48955000 44000 44000 40896000 29214000 16000 27000 144993000 115087000 125573000 97318000 19420000 17769000 3772000 7592000 6008000 3740000 1 1 1300000 11500000 1 1 1 0.04 0.037 46000000 812000 -132000 512000 10781000 -1848000 9548000 23255000 17624000 11199000 12558000 9360000 14667000 34386000 -43559000 -1585000 -1035000 14392000 77000000 85473000 78492000 20917000 19550000 11199000 11379000 9158000 1000 1179000 84000 8651000 3604000 4395000 5089000 4909000 4325000 1239000 11000000 3000000 4200000 3300000 3500000 0.7 0.686 0.471 0.395 0.076 0.459 0.07 2500000000 40500000 1000 -24000 -49000 35400000 37400000 0.22 900000 18200000 51900000 27000000 27400000 53700000 26800000 33600000 18900000 21200000 107100000 290271000 407545000 314943000 17180000 23467000 8189000 6521000 1867000 2182000 670000 4896000 109467000 162669000 31145000 30682000 30579000 31599000 19837000 63322000 48659000 48659000 0.973 0.025 0.002 150000000 0.16 0.44 0.4 100555000 168545000 142374000 8330000 30581000 3683000 42594000 181000 1229000 295000 1705000 -62000 62000 -3000 3000 8000 8000 27713000 202352000 8335000 238400000 36137000 225389000 14194000 275720000 9292000 24985000 7165000 41442000 -88000 6000 8000 -74000 1009000 4488000 818000 6315000 229000 2038000 2267000 496000 -496000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Year ended December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Land and Civil<br /> Buildings</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industrial <br /> Buildings, Plant <br /> and Production<br /> Equipment</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vehicles, furniture<br /> and fixtures</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Cost</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: justify">Opening net book amount</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,713</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,352</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,335</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">238,400</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Increase due to business combinations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,038</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,267</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Currency translation adjustment</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(88</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(74</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Additions</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,292</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,985</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,165</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,442</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Disposals</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,009</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,488</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(818</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,315</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Transfers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">496</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(496</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,137</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">225,389</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,194</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">275,720</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold">Depreciation</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accumulated at the beginning of the year</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Translation differences</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Depreciation charge</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,514</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,869</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,908</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,291</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Transfers / Reclassifications</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(62</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">62</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Disposals / Consumptions</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(181</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,229</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(295</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,705</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Accumulated at the end of the year</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,330</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,581</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,683</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,594</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">At December 31, 2019</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,807</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">194,808</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,511</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">233,126</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid">Revenues Tubes&nbsp;&nbsp;(in million US dollar)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="2" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Oil and Gas</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; 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font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">579</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">589</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">448</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">Total</td> <td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,870</div></td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; 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See Note 7. Each ADS equals two shares. Includes balances related to interest in our Venezuelan companies. See Note 33. Since 2018 Tenaris recognizes its share over the effects on the adoption of IAS 29, "Financial Reporting in Hyperinflationary Economies" by Ternium in other comprehensive income as a currency translation adjustment. The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2019 there were 1,180,536,830 shares issued. All issued shares are fully paid. Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income. The restrictions to the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in Note 25. Related to Saudi Steel Pipe Company ("SSP") acquisition. See note 27. The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2018 and 2017 there were 1,180,536,830 shares issued. All issued shares are fully paid. Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations and the changes in value of cash flow hedges and in available for sale financial instruments. For 2019 and 2018 includes Investments in non-consolidated companies, for 2017 includes Investments in non-consolidated companies and Other equity investments for $21.6 million. See Note 12 and 33. Related to Ternium and Usiminas. During 2019, $29.0 million were collected. Includes the effect of hedge accounting. For 2019 a loss of $1.3 million is attributable to demographic assumptions and a loss of $5.7 million to financial assumptions. For 2018 a gain of $0.2 million is attributable to demographic assumptions and a gain of $3.7 million to financial assumptions. In 2019 and 2018, $4.2 million and $3.3 million corresponding to a plan with a surplus balance were reclassified within other non-current assets, respectively. For 2019 a loss of $0.4 million is attributable to demographic assumptions and a loss of $12.4 million to financial assumptions. For 2018 a loss of $0.4 million is attributable to demographic assumptions and a gain of $8.4 million to financial assumptions. respectively. In 2018 includes $52 thousand of non-current derivatives. All percentages rounded. Tenaris Investments S.a.r.l. holds 100% of Hydril's subsidiaries shares except for Technical Drilling & Production Services Nigeria. Ltd where it holds 80%. Tenaris holds 97,5% of Tenaris Supply Chain S.A. and 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Amaja Tubular Services Limited, 49% Tubular Services Angola Lda. Including treasury shares. At December 31, 2019 and 2018 the voting rights were 5.2%. Out of the $768 million fixed rate borrowings, $728 million are short-term. In 2019 and 2018 includes $7.6 and $3.6 million of interest related to instruments carried at FVPL, respectively. In 2019 mainly includes the result from the Argentine peso depreciation against the U.S. dollar on Peso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar. In 2018 mainly includes the result from the Argentine peso depreciation against the U.S. dollar on Peso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar, together with the positive impact from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. Dollar, largely offset by an increase in currency translation adjustment reserve from our Italian subsidiary. In 2017 mainly includes the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. Dollar, largely offset by an increase in currency translation adjustment reserve from our Italian subsidiary. In 2019 includes mainly losses on derivatives covering net payables in Argentine peso and in Euros and net receivables in Canadian dollar. In 2018 includes mainly gain on derivatives covering net receivables in Canadian dollar. In 2017 includes mainly losses on derivatives covering net receivables in Brazilian real and Canadian dollar and net payables in Argentine peso, partially offset by gains on derivatives covering net payables in Euro. Related to SSP acquisition. See Note 27. Includes Proprietary Technology. 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