Related party transactions

As of

December 31, 2019:

San Faustin S.A., a Luxembourg société anonyme (“San Faustin”), owned

713,605,187

shares in the Company, representing

60.45%

of the Company’s capital and voting rights.

San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.à.r.l., a Luxembourg société à responsabilité limitée (“Techint”), who is the holder of record of the above-mentioned Tenaris shares.

Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (“RP STAK”) held voting shares in San Faustin sufficient in number to control San Faustin.

person or group of persons controls RP STAK.

Based on the information most recently available to the Company, Tenaris’s directors and senior management as a group owned

0.08%

of the Company’s outstanding shares.

Transactions and balances disclosed as with “non-consolidated parties” are those with companies over which Tenaris exerts significant influence or joint control in accordance with IFRS, but does

not

have control. All other transactions and balances with related parties which are

not

non-consolidated parties and which are

not

consolidated are disclosed as “Other”. The following transactions were carried out with related parties:

	(all amounts in thousands of U.S. dollars)	Year ended December 31,
		2019		2018		2017
(i)	Transactions
	(a) Sales of goods and services
	Sales of goods to non-consolidated parties		20,577		23,709		32,362
	Sales of goods to other related parties		69,972		131,548		94,624
	Sales of services to non-consolidated parties		5,620		7,641		11,637
	Sales of services to other related parties		4,386		5,647		3,751
			100,555		168,545		142,374
	(b) Purchases of goods and services
	Purchases of goods to non-consolidated parties		174,588		245,186		234,361
	Purchases of goods to other related parties		51,765		106,624		17,711
	Purchases of services to non-consolidated parties		9,404		9,556		12,077
	Purchases of services to other related parties		54,514		46,179		50,794
			290,271		407,545		314,943

	(all amounts in thousands of U.S. dollars)	At December 31,
		2019			2018
(ii)	Period-end balances
	(a) Arising from sales / purchases of goods / services
	Receivables from non-consolidated parties		78,884			122,136
	Receivables from other related parties		10,400			24,419
	Payables to non-consolidated parties		(19,100	)		(33,197	)
	Payables to other related parties		(7,048	)		(17,595	)
			63,136			95,763

	(b) Financial debt
	Finance lease liabilities from non-consolidated parties		(2,064	)		-
			(2,064	)		-

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

(ii).

other material guarantees were issued in favor of other related parties.

Directors’ and senior management compensation

During the years ended

December 31, 2019,

2018

and

2017,

the cash compensation of Directors and Senior managers amounted to

$33.7

million,

$33.7

million and

$45.8

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

468,

558

and

484

thousand units for a total amount of

$4.8

million,

$5.6

million and

$4.7

million respectively in connection with the Employee retention and long term incentive program mentioned in Note O Employee benefits – Other long term benefits.