(all
amounts in thousands of U.S. dollars, unless otherwise
stated)
|
Three-month period
ended June 30,
|
Six-month period
ended June 30,
|
|||||||||||||||
Notes
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Continuing
operations
|
(Unaudited)
|
||||||||||||||||
Net
sales
|
3
|
3,148,385 | 2,554,968 | 5,774,572 | 4,980,267 | ||||||||||||
Cost
of sales
|
3
& 4
|
(1,842,911 | ) | (1,374,318 | ) | (3,343,600 | ) | (2,665,816 | ) | ||||||||
Gross
profit
|
1,305,474 | 1,180,650 | 2,430,972 | 2,314,451 | |||||||||||||
Selling,
general and administrative expenses
|
3
& 5
|
(478,076 | ) | (399,009 | ) | (891,670 | ) | (773,276 | ) | ||||||||
Other
operating income (expense), net
|
3
|
(3,676 | ) | (10,415 | ) | (4,667 | ) | (12,352 | ) | ||||||||
Operating
income
|
823,722 | 771,226 | 1,534,635 | 1,528,823 | |||||||||||||
Interest
income
|
6
|
16,510 | 20,191 | 28,779 | 42,382 | ||||||||||||
Interest
expense
|
6
|
(35,178 | ) | (67,982 | ) | (102,270 | ) | (125,709 | ) | ||||||||
Other
financial results
|
6
|
1,146 | 15,169 | (13,156 | ) | 2,126 | |||||||||||
Income
before equity in earnings of associated companies and income
tax
|
806,200 | 738,604 | 1,447,988 | 1,447,622 | |||||||||||||
Equity
in earnings of associated companies
|
48,102 | 29,398 | 98,096 | 55,305 | |||||||||||||
Income
before income tax
|
854,302 | 768,002 | 1,546,084 | 1,502,927 | |||||||||||||
Income
tax
|
(218,590 | ) | (240,683 | ) | (427,196 | ) | (466,214 | ) | |||||||||
Income
for continuing operations
|
635,712 | 527,319 | 1,118,888 | 1,036,713 | |||||||||||||
Discontinued
operations
|
|||||||||||||||||
Income
for discontinued operations
|
12
|
394,323 | 7,167 | 411,110 | 7,167 | ||||||||||||
Income
for the period
|
1,030,035 | 534,486 | 1,529,998 | 1,043,880 | |||||||||||||
Attributable
to:
|
|||||||||||||||||
Equity
holders of the Company
|
987,471 | 495,950 | 1,460,514 | 976,254 | |||||||||||||
Minority
interest
|
42,564 | 38,536 | 69,484 | 67,626 | |||||||||||||
1,030,035 | 534,486 | 1,529,998 | 1,043,880 | ||||||||||||||
Earnings
per share attributable to the equity holders of the Company during the
period
|
|||||||||||||||||
Weighted
average number of ordinary shares (thousands)
|
1,180,537 | 1,180,537 | 1,180,537 | 1,180,537 | |||||||||||||
Earnings
per share (U.S. dollars per share)
|
0.84 | 0.42 | 1.24 | 0.83 | |||||||||||||
Earnings
per ADS (U.S. dollars per ADS)
|
1.67 | 0.84 | 2.47 | 1.65 |
(all
amounts in thousands of U.S. dollars)
|
At June 30, 2008
|
At December 31, 2007
|
|||||||||||||||
Notes
|
(Unaudited)
|
||||||||||||||||
ASSETS
|
|||||||||||||||||
Non-current
assets
|
|||||||||||||||||
Property,
plant and equipment, net
|
7
|
3,423,072 | 3,269,007 | ||||||||||||||
Intangible
assets, net
|
8
|
4,427,486 | 4,542,352 | ||||||||||||||
Investments
in associated companies
|
614,006 | 509,354 | |||||||||||||||
Other
investments
|
36,215 | 35,503 | |||||||||||||||
Deferred
tax assets
|
323,094 | 310,590 | |||||||||||||||
Receivables
|
65,841 | 8,889,714 | 63,738 | 8,730,544 | |||||||||||||
Current
assets
|
|||||||||||||||||
Inventories
|
2,991,850 | 2,598,856 | |||||||||||||||
Receivables
and prepayments
|
227,667 | 222,410 | |||||||||||||||
Current
tax assets
|
188,553 | 242,757 | |||||||||||||||
Trade
receivables
|
2,182,535 | 1,748,833 | |||||||||||||||
Other
investments
|
351,931 | 87,530 | |||||||||||||||
Cash
and cash equivalents
|
1,337,838 | 7,280,374 | 962,497 | 5,862,883 | |||||||||||||
Current
and non current assets held for sale
|
12
|
- | 651,160 | ||||||||||||||
7,280,374 | 6,514,043 | ||||||||||||||||
Total
assets
|
16,170,088 | 15,244,587 | |||||||||||||||
EQUITY
|
|||||||||||||||||
Capital
and reserves attributable to the Company’s equity holders
|
8,324,767 | 7,006,277 | |||||||||||||||
Minority
interest
|
577,061 | 523,573 | |||||||||||||||
Total
equity
|
8,901,828 | 7,529,850 | |||||||||||||||
LIABILITIES
|
|||||||||||||||||
Non-current
liabilities
|
|||||||||||||||||
Borrowings
|
1,589,712 | 2,869,466 | |||||||||||||||
Deferred
tax liabilities
|
1,150,807 | 1,233,836 | |||||||||||||||
Other
tax liabilities
|
8,566 | - | |||||||||||||||
Other
liabilities
|
198,498 | 185,410 | |||||||||||||||
Provisions
|
100,674 | 97,912 | |||||||||||||||
Trade
payables
|
800 | 3,049,057 | 47 | 4,386,671 | |||||||||||||
Current
liabilities
|
|||||||||||||||||
Borrowings
|
1,544,755 | 1,150,779 | |||||||||||||||
Current
tax liabilities
|
813,402 | 341,028 | |||||||||||||||
Other
liabilities
|
315,647 | 252,204 | |||||||||||||||
Provisions
|
31,823 | 19,342 | |||||||||||||||
Customer
advances
|
418,361 | 449,829 | |||||||||||||||
Trade
payables
|
1,095,215 | 4,219,203 | 847,842 | 3,061,024 | |||||||||||||
Liabilities
associated with current and
non-current assets held for sale
|
12
|
- | 267,042 | ||||||||||||||
4,219,203 | 3,328,066 | ||||||||||||||||
Total
liabilities
|
7,268,260 | 7,714,737 | |||||||||||||||
Total
equity and liabilities
|
16,170,088 | 15,244,587 |
Attributable
to equity holders of the Company
|
||||||||||||||||||||||||||||||||
Share
Capital
|
Legal
Reserves
|
Share
Premium
|
Currency
Translation Adjustment
|
Other
Reserves
|
Retained
Earnings (*)
|
Minority
Interest
|
Total
|
|||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||
Balance
at January 1, 2008
|
1,180,537 | 118,054 | 609,733 | 266,049 | 18,203 | 4,813,701 | 523,573 | 7,529,850 | ||||||||||||||||||||||||
Currency
translation differences
|
- | - | - | 150,986 | - | - | 45,767 | 196,753 | ||||||||||||||||||||||||
Change
in equity reserves
|
- | - | - | - | 2,124 | - | (4,762 | ) | (2,638 | ) | ||||||||||||||||||||||
Acquisition
and decrease of minority interest
|
- | - | - | - | - | - | (1,865 | ) | (1,865 | ) | ||||||||||||||||||||||
Dividends
paid in cash
|
- | - | - | - | - | (295,134 | ) | (55,136 | ) | (350,270 | ) | |||||||||||||||||||||
Income
for the period
|
- | - | - | - | - | 1,460,514 | 69,484 | 1,529,998 | ||||||||||||||||||||||||
Balance
at June 30, 2008
|
1,180,537 | 118,054 | 609,733 | 417,035 | 20,327 | 5,979,081 | 577,061 | 8,901,828 |
Attributable
to equity holders of the Company
|
||||||||||||||||||||||||||||||||
Share
Capital
|
Legal
Reserves
|
Share
Premium
|
Currency
Translation Adjustment
|
Other
Reserves
|
Retained
Earnings
|
Minority
Interest
|
Total
|
|||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||
Balance
at January 1, 2007
|
1,180,537 | 118,054 | 609,733 | 3,954 | 28,757 | 3,397,584 | 363,011 | 5,701,630 | ||||||||||||||||||||||||
Currency
translation differences
|
- | - | - | 137,974 | - | - | 16,014 | 153,988 | ||||||||||||||||||||||||
Change
in equity reserves
|
- | - | - | - | (826 | ) | - | - | (826 | ) | ||||||||||||||||||||||
Acquisition
and decrease of minority interest
|
- | - | - | - | - | - | 20,828 | 20,828 | ||||||||||||||||||||||||
Dividends
paid in cash
|
- | - | - | - | - | (354,161 | ) | (39,922 | ) | (394,083 | ) | |||||||||||||||||||||
Income
for the period
|
- | - | - | - | - | 976,254 | 67,626 | 1,043,880 | ||||||||||||||||||||||||
Balance
at June 30, 2007
|
1,180,537 | 118,054 | 609,733 | 141,928 | 27,931 | 4,019,677 | 427,557 | 6,525,417 |
Six-month
period ended June 30,
|
|||||||||
(all
amounts in thousands of U.S. dollars)
|
Notes
|
2008
|
2007
|
||||||
Cash
flows from operating activities
|
(Unaudited)
|
||||||||
Income
for the period
|
1,529,998 | 1,043,880 | |||||||
Adjustments
for:
|
|||||||||
Depreciation
and amortization
|
7
& 8
|
268,873 | 230,771 | ||||||
Income
tax accruals less payments
|
89,747 | (249,793 | ) | ||||||
Equity
in earnings of associated companies
|
(98,096 | ) | (55,305 | ) | |||||
Income
from the sale of pressure control business
|
(394,323 | ) | - | ||||||
Interest
accruals less payments, net
|
(7,894 | ) | 4,865 | ||||||
Changes
in provisions
|
15,243 | (3,480 | ) | ||||||
Changes
in working capital
|
(545,614 | ) | (125,365 | ) | |||||
Other,
including currency translation adjustment
|
(15,017 | ) | 53,803 | ||||||
Net
cash provided by operating activities
|
842,917 | 899,376 | |||||||
Cash
flows from investing activities
|
|||||||||
Capital
expenditures
|
7
& 8
|
(205,366 | ) | (229,149 | ) | ||||
Acquisitions
of subsidiaries and minority interest
|
11
|
(1,865 | ) | (1,927,182 | ) | ||||
Other
disbursements relating to the acquisition of Hydril
|
- | (71,580 | ) | ||||||
Proceeds
from the sale of pressure control business (*)
|
12
|
1,113,805 | - | ||||||
Decrease
in subsidiaries
|
- | (1,195 | ) | ||||||
Proceeds
from disposal of property, plant and equipment and intangible
assets
|
8,826 | 4,596 | |||||||
Dividends
received
|
13,636 | 11,496 | |||||||
Investments
in short terms securities
|
(264,401 | ) | 14,193 | ||||||
Other
|
(3,428 | ) | - | ||||||
Net
cash provided by / (used in) investing activities
|
661,207 | (2,198,821 | ) | ||||||
Cash
flows from financing activities
|
|||||||||
Dividends
paid
|
(295,134 | ) | (354,161 | ) | |||||
Dividends
paid to minority interest in subsidiaries
|
(55,136 | ) | (39,922 | ) | |||||
Proceeds
from borrowings
|
430,088 | 2,208,026 | |||||||
Repayments
of borrowings
|
(1,332,755 | ) | (1,018,713 | ) | |||||
Net
cash (used in) / provided by financing activities
|
(1,252,937 | ) | 795,230 | ||||||
Increase
/ (decrease) in cash and cash equivalents
|
251,187 | (504,215 | ) | ||||||
Movement
in cash and cash equivalents
|
|||||||||
At
the beginning of the period
|
954,303 | 1,365,008 | |||||||
Effect
of exchange rate changes
|
113,559 | 22,249 | |||||||
Increase
/ (decrease) in cash and cash equivalents
|
251,187 | (504,215 | ) | ||||||
At
June 30,
|
1,319,049 | 883,042 | |||||||
At
June 30,
|
|||||||||
Cash
and cash equivalents
|
2008
|
2007
|
|||||||
Cash
and bank deposits
|
1,337,838 | 891,159 | |||||||
Bank
overdrafts
|
(18,789 | ) | (8,096 | ) | |||||
Restricted
bank deposits
|
- | (21 | ) | ||||||
1,319,049 | 883,042 | ||||||||
Non-cash
financing activity
|
|||||||||
Conversion
of debt to equity in subsidiaries
|
- | 35,140 |
1
|
General
information
|
2
|
Accounting
policies and basis of presentation
|
3
|
Segment
information
|
4
|
Cost
of sales
|
5
|
Selling,
general and administrative expenses
|
6
|
Financial
results
|
7
|
Property,
plant and equipment, net
|
8
|
Intangible
assets, net
|
9
|
Earnings
and dividends per share
|
10
|
Contingencies,
commitments and restrictions to the distribution of
profits
|
11
|
Business
combinations and other acquisitions
|
12
|
Current
and non current assets held for sale and discontinued
operations
|
13
|
Related
party transactions
|
14
|
Investment
in Ternium: Sidor nationalization process
|
15
|
Recently
issued accounting pronouncements
|
(Unaudited)
|
||||||||||||||||||||
(all
amounts in thousands of U.S. dollars)
|
Tubes
|
Projects
|
Other
|
Total
Continuing
operations
|
Total
Discontinued
operations
(*)
|
|||||||||||||||
Six-month
period ended June 30, 2008
|
||||||||||||||||||||
Net
sales
|
4,724,843 | 639,848 | 409,881 | 5,774,572 | 98,388 | |||||||||||||||
Cost
of sales
|
(2,596,219 | ) | (456,549 | ) | (290,832 | ) | (3,343,600 | ) | (57,712 | ) | ||||||||||
Gross
profit
|
2,128,624 | 183,299 | 119,049 | 2,430,972 | 40,676 | |||||||||||||||
Selling,
general and administrative expenses
|
(782,946 | ) | (54,067 | ) | (54,657 | ) | (891,670 | ) | (13,799 | ) | ||||||||||
Other
operating income (expenses), net
|
(1,115 | ) | (316 | ) | (3,236 | ) | (4,667 | ) | 129 | |||||||||||
Operating
income
|
1,344,563 | 128,916 | 61,156 | 1,534,635 | 27,006 | |||||||||||||||
Depreciation and
amortization
|
243,887 | 10,432 | 14,554 | 268,873 | 8,965 | |||||||||||||||
Six-month
period ended June 30, 2007
|
||||||||||||||||||||
Net
sales
|
4,337,062 | 325,254 | 317,951 | 4,980,267 | 49,238 | |||||||||||||||
Cost
of sales
|
(2,183,935 | ) | (227,126 | ) | (254,755 | ) | (2,665,816 | ) | (30,240 | ) | ||||||||||
Gross
profit
|
2,153,127 | 98,128 | 63,196 | 2,314,451 | 18,998 | |||||||||||||||
Selling,
general and administrative expenses
|
(695,727 | ) | (35,194 | ) | (42,355 | ) | (773,276 | ) | (9,502 | ) | ||||||||||
Other
operating income (expenses), net
|
(15,873 | ) | 1,714 | 1,807 | (12,352 | ) | (308 | ) | ||||||||||||
Operating
income
|
1,441,527 | 64,648 | 22,648 | 1,528,823 | 9,188 | |||||||||||||||
Depreciation
and amortization
|
202,444 | 9,309 | 13,280 | 225,033 | 5,738 |
(Unaudited)
|
||||||||||||||||||||||||||||
(all
amounts in thousands of U.S. dollars)
|
North
America
|
South
America
|
Europe
|
Middle
East & Africa
|
Far
East & Oceania
|
Total
Continuing
operations
|
Total
Discontinued
operations
(*)
|
|||||||||||||||||||||
Six-month
period ended June 30, 2008
|
||||||||||||||||||||||||||||
Net
sales
|
1,994,333 | 1,373,699 | 1,000,841 | 1,041,299 | 364,400 | 5,774,572 | 98,388 | |||||||||||||||||||||
Depreciation
and amortization
|
151,081 | 54,301 | 55,958 | 621 | 6,912 | 268,873 | 8,965 | |||||||||||||||||||||
Six-month
period ended June 30, 2007
|
||||||||||||||||||||||||||||
Net
sales
|
1,562,864 | 1,016,091 | 868,853 | 1,162,559 | 369,900 | 4,980,267 | 49,238 | |||||||||||||||||||||
Depreciation
and amortization
|
125,962 | 57,247 | 37,741 | 505 | 3,578 | 225,033 | 5,738 |
Six-month period ended June
30,
|
||||||||
(all
amounts in thousands of U.S. dollars)
|
2008
|
2007
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Inventories
at the beginning of the period
|
2,598,856 | 2,372,308 | ||||||
Plus:
Charges of the year
|
||||||||
Raw
materials, energy, consumables and other
|
2,825,458 | 1,995,595 | ||||||
Increase
in inventory due to business combinations
|
- | 152,500 | ||||||
Services
and fees
|
204,830 | 204,376 | ||||||
Labor
cost
|
463,678 | 349,472 | ||||||
Depreciation
of property, plant and equipment
|
144,107 | 121,728 | ||||||
Amortization
of intangible assets
|
1,061 | 671 | ||||||
Maintenance
expenses
|
105,953 | 93,488 | ||||||
Provisions
for contingencies
|
12 | 4,300 | ||||||
Allowance
for obsolescence
|
(10,259 | ) | 6,080 | |||||
Taxes
|
4,953 | 2,999 | ||||||
Other
|
54,513 | 33,111 | ||||||
3,794,306 | 2,964,320 | |||||||
Less:
Inventories at the end of the period
|
(2,991,850 | ) | (2,640,572 | ) | ||||
3,401,312 | 2,696,056 | |||||||
From
Discontinued operations
|
(57,712 | ) | (30,240 | ) | ||||
3,343,600 | 2,665,816 |
Six-month period ended June
30,
|
||||||||
(all
amounts in thousands of U.S. dollars)
|
2008
|
2007
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Services
and fees
|
108,024 | 97,696 | ||||||
Labor
cost
|
221,264 | 199,343 | ||||||
Depreciation
of property, plant and equipment
|
6,402 | 6,856 | ||||||
Amortization
of intangible assets
|
126,268 | 101,516 | ||||||
Commissions,
freight and other selling expenses
|
283,484 | 225,358 | ||||||
Provisions
for contingencies
|
15,632 | 19,741 | ||||||
Allowances
for doubtful accounts
|
4,881 | (188 | ) | |||||
Taxes
|
77,928 | 72,954 | ||||||
Other
|
61,586 | 59,502 | ||||||
905,469 | 782,778 | |||||||
From
Discontinued operations
|
(13,799 | ) | (9,502 | ) | ||||
891,670 | 773,276 |
Six-month period ended June
30,
|
||||||||
(all
amounts in thousands of U.S. dollars)
|
2008
|
2007
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Interest
income
|
29,020 | 42,399 | ||||||
Interest
expense
|
(102,285 | ) | (125,723 | ) | ||||
Interest
net
|
(73,265 | ) | (83,324 | ) | ||||
Net
foreign exchange transaction results and changes in fair value of
derivative instruments
|
(5,714 | ) | 6,484 | |||||
Other
|
(7,430 | ) | (4,406 | ) | ||||
Other
financial results
|
(13,144 | ) | 2,078 | |||||
Net
financial results
|
(86,409 | ) | (81,246 | ) | ||||
From
Discontinued operations
|
(238 | ) | 45 | |||||
(86,647 | ) | (81,201 | ) |
(all
amounts in thousands of U.S. dollars)
|
2008
|
2007
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Six-month
period ended June 30,
|
||||||||
Opening
net book amount
|
3,269,007 | 2,939,241 | ||||||
Currency
translation differences
|
125,124 | 71,293 | ||||||
Additions
|
185,440 | 217,852 | ||||||
Increase
due to business combinations
|
- | 152,540 | ||||||
Disposals
|
(7,338 | ) | (4,573 | ) | ||||
Transfers
|
(906 | ) | (96 | ) | ||||
Reclassifications
|
- | (19,396 | ) | |||||
Depreciation
charge
|
(148,255 | ) | (128,584 | ) | ||||
At
June 30,
|
3,423,072 | 3,228,277 |
(all
amounts in thousands of U.S. dollars)
|
2008
|
2007
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Six-month
period ended June 30,
|
||||||||
Opening
net book amount
|
4,542,352 | 2,844,498 | ||||||
Currency
translation differences
|
(13,592 | ) | 48,431 | |||||
Additions
|
19,926 | 11,297 | ||||||
Increase
due to business combinations
|
- | 2,135,196 | ||||||
Disposals
|
(1,488 | ) | (23 | ) | ||||
Transfers
|
906 | 96 | ||||||
Reclassifications
|
- | (11,640 | ) | |||||
Amortization
charge
|
(120,618 | ) | (102,187 | ) | ||||
At
June 30,
|
4,427,486 | 4,925,668 |
Six-month period ended June
30,
|
||||||||
2008
|
2007
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Net
income attributable to equity holders
|
1,460,514 | 976,254 | ||||||
Weighted
average number of ordinary shares in issue
|
1,180,537 | 1,180,537 | ||||||
Basic
and diluted earnings per share
|
1.24 | 0.83 | ||||||
Basic
and diluted earnings per ADS
|
2.47 | 1.65 | ||||||
Net
income from discontinued operations
|
411,110 | 7,167 | ||||||
Basic
and diluted earnings per share
|
0.35 | 0.01 | ||||||
Basic
and diluted earnings per ADS
|
0.70 | 0.01 |
|
·
|
A
Tenaris company is a party to a five year contract with Nucor Corporation,
under which it committed to purchase from Nucor steel coils, with
deliveries starting in January 2007. Prices are adjusted quarterly in
accordance with market conditions and the estimated aggregate amount of
the contract at current prices is approximately $1,914
million.
|
|
·
|
A
Tenaris company is a party to a ten year raw material purchase contract
with QIT, under which it committed to purchase steel bars, with deliveries
starting in July 2007. The estimated aggregate amount of the contract at
current prices is approximately $280
million.
|
|
·
|
A
Tenaris company is a party to a steel coils supply agreement with IPSCO,
under which it is committed to purchase steel until 2011. Prices are
adjusted monthly or quarterly and the estimated aggregate amount of the
contract at current prices is approximately $183 million. Each party may
terminate this agreement at any time upon a one-year
notice.
|
|
·
|
A
Tenaris company is a party to transportation capacity agreements with
Transportadora de Gas del Norte S.A. for purchasing capacity of 1,000,000
cubic meters per day until 2017. As of June 30, 2008, the outstanding
value of this commitment was approximately $49.6 million. The Tenaris
company also expects to obtain additional gas transportation capacity of
315,000 cubic meters per day until 2027. This commitment is subject to the
enlargement of certain pipelines in
Argentina.
|
|
·
|
In
August 2004 Matesi Materiales Siderúrgicos S.A. (“Matesi”) a Tenaris
subsidiary organized in Venezuela, entered into a ten-year off-take
contract pursuant to which Matesi is required to sell to Sidor S.A.
(“Sidor”) on a take-or-pay basis 29.9% of Matesi’s HBI production. In
addition, Sidor has the right to increase its proportion on Matesi’s
production by an extra 19.9% until reaching 49.8% of Matesi’s HBI
production. Under the contract, the sale price is determined on a
cost-plus basis. The contract is renewable for additional three year
periods unless Matesi or Sidor object its renewal upon one-year
notice.
|
|
·
|
In
July 2004, Matesi entered into a twenty-year agreement with C.V.G.
Electrificación del Caroní, C.A. (“Edelca”) for the purchase of electric
power under certain take-or-pay conditions, with an option to terminate
the contract at any time upon three years notice. The outstanding value of
the contract at June 30, 2008 is approximately $40.6 million.
|
|
·
|
A
Tenaris company is a party to a contract with Siderar for the supply of
steam generated at the power generation facility owned by Tenaris in San
Nicolas, Argentina. Under this contract, the Tenaris company is
required to provide 250 tn/hour of steam and Siderar has the obligation to
take or pay this volume. The contract is due to terminate in
2018.
|
(all
amounts in thousands of U.S. dollars)
|
(unaudited)
|
|||
Share
capital
|
1,180,537 | |||
Legal
reserve
|
118,054 | |||
Share
premium
|
609,733 | |||
Retained
earnings including net income for the six-month period ended June 30,
2008
|
2,738,205 | |||
Total
shareholders equity in accordance with Luxembourg law
|
4,646,529 |
(all
amounts in thousands of U.S. dollars)
|
(unaudited)
|
|||
Retained
earnings at December 31, 2007 under Luxembourg law
|
2,399,973 | |||
Dividends
received
|
661,486 | |||
Dividends
paid
|
(295,134 | ) | ||
Other
income and expenses for the six-month period ended June 30,
2008
|
(28,120 | ) | ||
Retained
earnings at June 30, 2008 under Luxembourg law
|
2,738,205 |
Six-month period ended June
30,
|
||||||||
(all
amounts in thousands of U.S. dollars)
|
2008
|
2007
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Income
for discontinued operations
|
16,787 | 7,167 | ||||||
After
tax gain on the sale of pressure control business
|
394,323 | - | ||||||
Net
Income for discontinued operations
|
411,110 | 7,167 |
(all
amounts in thousands of U.S. dollars)
|
(Unaudited)
|
||||||||||||
Six-month
period ended June 30, 2008
|
|||||||||||||
Associated (1)
|
Other
|
Total
|
|||||||||||
(i)
|
Transactions
|
||||||||||||
(a)
Sales of goods and services
|
|||||||||||||
Sales
of goods
|
32,893 | 17,365 | 50,258 | ||||||||||
Sales
of services
|
11,711 | 1,985 | 13,696 | ||||||||||
44,604 | 19,350 | 63,954 | |||||||||||
(b)
Purchases of goods and services
|
|||||||||||||
Purchases
of goods
|
45,501 | 7,460 | 52,961 | ||||||||||
Purchases
of services
|
55,390 | 31,818 | 87,208 | ||||||||||
100,891 | 39,278 | 140,169 |
(Unaudited)
|
|||||||||||||
Six-month
period ended June 30, 2007
|
|||||||||||||
Associated (2)
|
Other
|
Total
|
|||||||||||
(i)
|
Transactions
|
||||||||||||
(a)
Sales of goods and services
|
|||||||||||||
Sales
of goods
|
48,345 | 22,157 | 70,502 | ||||||||||
Sales
of services
|
16,591 | 2,979 | 19,570 | ||||||||||
64,936 | 25,136 | 90,072 | |||||||||||
(b)
Purchases of goods and services
|
|||||||||||||
Purchases
of goods
|
124,519 | 9,686 | 134,205 | ||||||||||
Purchases
of services
|
42,140 | 39,724 | 81,864 | ||||||||||
166,659 | 49,410 | 216,069 |
(Unaudited)
|
|||||||||||||
At
June 30, 2008
|
|||||||||||||
Associated (1)
|
Other
|
Total
|
|||||||||||
(ii)
|
Period-end
balances
|
||||||||||||
(a)
Arising from sales / purchases of goods / services
|
|||||||||||||
Receivables
from related parties
|
43,462 | 11,794 | 55,256 | ||||||||||
Payables
to related parties
|
(28,533 | ) | (11,677 | ) | (40,210 | ) | |||||||
14,929 | 117 | 15,046 | |||||||||||
(b)
Financial debt
|
|||||||||||||
Borrowings
|
(3,732 | ) | - | (3,732 | ) |
(Unaudited)
|
|||||||||||||
At
December 31, 2007
|
|||||||||||||
Associated (1)
|
Other
|
Total
|
|||||||||||
(ii)
|
Year-end
balances
|
||||||||||||
(a)
Arising from sales / purchases of goods / services
|
|||||||||||||
Receivables
from related parties
|
45,773 | 8,015 | 53,788 | ||||||||||
Payables
to related parties
|
(61,597 | ) | (7,379 | ) | (68,976 | ) | |||||||
(15,824 | ) | 636 | (15,188 | ) | |||||||||
(b)
Financial debt
|
|||||||||||||
Borrowings
(3)
|
(27,482 | ) | - | (27,482 | ) |
Ricardo
Soler
|
|
Chief
Financial Officer
|