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Note 27 - Discontinued Operations | 12 Months Ended
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Dec. 31, 2018
Statement Line Items [Line Items] |
Disclosure of non-current assets held for sale and discontinued operations [text block] |
| 27 | Discontinued Operations
On December 15, 2016, Tenaris entered into an agreement with Nucor Corporation (NC) pursuant to which it has sold to NC the steel electric conduit business in North America, known as Republic Conduit for an amount of $328 million (net of transaction costs). The sale was completed on January 19, 2017, with effect from January 20, 2017. The result of this transaction was an after-tax gain of $89.7 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.
|  | Year ended December 31,
|  | 2017 |  | 2016
Income from discontinued operations |  |  | 1,848 |  |  |  | 41,411 |
After tax gain on the sale of Conduit |  |  | 89,694 |  |  |  | - |
Net Income for discontinued operations |  |  | 91,542 |  |  |  | 41,411 |
Details of Conduit sale
Cash received |  |  | 331,295 |
Transaction and other costs |  |  | (3,663 | )
Carrying amount of net assets sold |  |  | (137,814 | )
Gain on sale before income tax |  |  | 189,817 |
Income tax expense on gain |  |  | (100,123 | )
Gain on sale after income tax |  |  | 89,694 |
The financial performances presented are relative to the 19 days of January 2017 and for the years ended December 31 and 2016. Analysis of the result of discontinued operations:
|  | Year ended December 31,
|  | 2017 |  | 2016
Revenues |  |  | 11,899 |  |  |  | 234,911 |
Gross profit |  |  | 4,496 |  |  |  | 98,324 |
Net income |  |  | 1,848 |  |  |  | 41,411 |
Basic and diluted earnings per share (U.S. dollars per share) |  |  | - |  |  |  | 0.04 |
Basic and diluted earnings per ADS (U.S. dollars per ADS) |  |  | - |  |  |  | 0.07 |
Summarized cash flow information is as follows :
|  | 2017 |  | 2016
Cash at the beginning |  |  | 18,820 |  |  |  | 15,343 |
Cash at the end |  |  | 206 |  |  |  | 18,820 |
(Decrease) Increase in cash |  |  | (18,614 | ) |  |  | 3,477 |
(Used in) provided by operating activities |  |  | (3,046 | ) |  |  | 24,535 |
Provided by (used in) investing activities |  |  | 32 |  |  |  | (1,058 | )
Used in financing activities |  |  | (15,600 | ) |  |  | (20,000 | )
These amounts were estimated only for disclosure purposes, as cash flows from discontinued operations were not managed separately from other cash flows. The following table shows the current and non-current assets and liabilities of disposal group as at 31 December 2016, and the carrying amounts of assets and liabilities as at the date of sale. Current and non-current assets and liabilities of disposal group
|  | At January 19, 2017 |  | At December 31, 2016
Non-current assets |  |  | 87,332 |  |  |  | 87,364 |
Current assets |  |  | 69,332 |  |  |  | 64,053 |
Total assets of disposal group classified as held for sale |  |  | 156,664 |  |  |  | 151,417 |
Non-current liabilities |  |  | 5,294 |  |  |  | 5,376 |
Current liabilities |  |  | 13,556 |  |  |  | 12,718 |
Total liabilities of disposal group classified as held for sale |  |  | 18,850 |  |  |  | 18,094 |

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- Definition The entire disclosure for non-current assets held for sale and discontinued operations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 5 -IssueDate 2017-01-01 -Section Presentation and disclosure -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=5&date=2017-03-01&anchor=sect_Presentationanddisclosure&doctype=Standard -URIDate 2017-03-09 + Details
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